Bitcoin and the entire crypto-currency market are now pushing up, which could come from a strengthening of the stock market.
This latest move marks an upward breakthrough in the consolidation phase that has been seen recently – but it is important to note that it has not taken BTC beyond key technical levels.
Nonetheless, there could be a threat of overcoming resistance in the lower $11,000 region in the near future.
One trader points to the price region between $11,200 and $11,400 and states that a visit at this level may be imminent.
He also points out that a reversal around the current BTC price could cause the BTC price to drop to $9,500.
Bitcoin has been consolidating over the last few days and weeks, although it is difficult to gain any momentum as the upward trend of the overall market is stalling.
This lack of momentum has been shocking for investors and traders alike and has seriously shaken sentiment.
Nevertheless, analysts are now realizing that in the coming days and weeks, a recovery may be imminent that could potentially help to move Bitcoin toward the next $11,400.
Bitcoin breaks through tense consolidation phase
At the time of writing, Bitcoin is trading slightly upwards at a price of US$10,700.
Although this is only a slight increase from the price the asset has seen in recent days and weeks, it must be noted that this appears to mark a bullish break through the upper end of the tight trading range of the last few days.
This range was between $10,500 and $10,600 due to the crypto currency’s severe lack of directional stability.
For further upward momentum, it is imperative that BTC breaks above $11,000 next.
This is how high BTC could rise the next time bulls maintain control
Looking at the short-term Bitcoin trend, one analyst comments that the crypto currency could soon see an upward trend towards $11,400.
However, he notes that any rejection before reaching this level could be severe and could potentially lead to a serious bearish move. He writes:
„Bitcoin“: In relation to this, still a basic approach. Each resistance level receives a confirmation, similar to the current resistance zone (Red Block). If this breaks, 11,200-11,400 dollars. However, if I reverse here, I aim for $9,500-9,800 as a potential cycle low.“
So the digital benchmark asset must remain strong in the coming days as it approaches its main resistance at $11,000.