- Bitcoin and the aggregate cryptocurrency market continue to show some signs of strength
- BTC is now pushing up to $ 9,600, with its slower high routine allowing it to overcome the slight resistance it faced in this price region.
- This recent price action seems to confirm the existence of a bullish accumulation pattern, which is a positive sign for your outlook.
- Analyst Explains Crypto Could Still Drop To $ 7,000 Despite This Pattern
Bitcoin is currently trying to start another, higher stage, with buyers now pushing it against resistance it faces around $ 9,600.
The cryptocurrency’s last highest move came after an extended trading period of more than $ 9,500. This was the first time in weeks that BTC was able to post sustained gains after an upward move.
Analysts say it is rapidly navigating to a heavy supply zone. This price region may be insurmountable unless there is some catalyst for greater advantage.
A potential boost to higher gains could be the accumulation pattern that BTC has formed in recent weeks.
Despite being an openly bullish formation, a trader believes a move towards $ 7,000 is still expected.
Bitcoin rises over $ 9,600 as technical force mounts
As of writing, Bitcoin is trading marginally at its current price of $ 9,600.
This marks a slight rise of $ 9,500, which is the price at which it has been trading for the past few days.
However, the current strength of the cryptocurrency could start to falter anytime soon, as BTC is about to visit a mass supply zone.
An analyst spoke about this region, noting that he expects BTC to rebound to as high as $ 9,800 before facing insurmountable selling pressure that brings it to $ 9,400.
“I think we have one more leg here before any significant setbacks. If / when we backtrack, there are two areas of interest that I’m looking at. The 9200 is the ‘backup’ in case the main level fails in the 9400 ”, he explained.
Image Courtesy of Credible Crypto. Chart via TradingView.
Move $ 7k on cards despite bullish accumulation pattern
Another analyst recently explained that he believes Bitcoin’s recent consolidation phase has been accumulation, rather than distribution.
This may be a positive sign for your short-term price action, but it also warns that a drop to $ 7,000 is still expected if faced with further consolidation.
“Continue to believe in bullish accumulation … Mature time (new cycle) for a significant higher move here. However, I can’t rule out another 40-day consolidation, which ends with a sharp $ 7k V pattern or increased volatility. “
Image Courtesy of Bob Loukas. Chart via TradingView.
How Bitcoin’s trends in the coming days should provide an idea of whether or not it is on an additional low.
Featured image from Unsplash. Charts via TradingView.
