- Bitcoin saw overnight immense turmoil that caused the price to be as low as $ 11,500
- This dip was quickly picked up by buyers, who have since allowed it to regain its support at $ 11,600
- The cryptocurrency is now consolidating again, as it hangs between $ 11,600 and $ 12,000 within its previous trading range
- This stability has allowed altcoins to recover some of their recent losses
- Analysts now note that BTC could be well positioned to see a massive push higher in the days and weeks ahead as it taps one crucial support level
Bitcoin and the aggregate crypto market have shone mixed signs in recent weeks.
Despite smaller altcoins on the market cap being firmly in the throes of a bubble market, major digital assets such as Bitcoin and Ethereum are stuck within solid consolidation trends.
While speaking here, one analyst stated that he believes that this consolidation may soon come close if BTC is able to tap its support mountain at $ 11,000.
Bitcoin holds above crucial technical levels
At the time of this writing, Bitcoin is trading at just under 1% at its current price of $ 11,615. This marks the lower limit of the trading range that it has been caught within the last few weeks.
During the day, the cryptocurrency dipped for a short period below this level, but the ability of buyer to bear its origin and wait against further losses was a bull favorite sign.
One analyst observed that this price action also allowed the crypto to stay above several important technical levels, including the upper limit of its cloud.
“Price is still cooling above the cloud every day,” he said, pointing to the chart below.
Image Courtesy of Teddy. Chart via TradingView.
Here is the price level that the next push from BTC could hear
Bitcoin could be on the verge of seeing significantly further upside of the full term, but it may decline slightly at first.
The same analyst too sei that a bounce on its 200-day moving average could be the impetus for massive up-term close-ups.
He even notes that this level – which sits at $ 11,000 – could lead Bitcoin to see a “glorious” bounce.
“Hopefully we get a new test of the 200ema. Historically, the bouns were glorious – invalidity right under it. ”
Image Courtesy of Teddy. Chart via TradingView.
How BTC continues to respond to these crucial levels that are directly below its current price should give investors insight into the whole trend.
Featured image from Unsplash. Charts and pricing data from TradingView.
