The past few weeks have seen Bitcoin tread on thin ice multiple times: every time the cryptocurrency rallied to $10,000, it snapped lower, often violently.
This week’s attempt at the crucial $10,000 resistance was no exception: after temporarily trading above the level for all of 20 minutes, the asset began a precipitous decline.
Just 24 hours after $10,000 was tapped, Bitcoin was trading at $9,050 — almost 10% below the high.
Yet a top analyst says that as long as BTC doesn’t move much lower from here, the chances of “bullish continuation” on a medium-term time frame are rather high.
Bitcoin Must Hold This Crucial Level to Cement Uptrend: Analyst
A cryptocurrency trader, part of the team at industry research firm MarketsScience, recently shared the chart below.
Acknowledging the recent drop into the low-$9,000s, he wrote that Bitcoin is currently trading between the monthly and weekly open prices, stuck in a tight range.
TradingView.com Bitcoin chart annotated by BitDealer (@Bitdealer_ on Twitter)
Although he didn’t have anything to say about the significance of that, he shared that Bitcoin’s ability to hold $8,700 for multiple weeks on end makes it “look like [BTC will see] bullish continuation.”
Should it fail to hold that level, he explained, the “bullish continuation” thesis will become “invalidated.”
Other analysts agree that Bitcoin is currently in an uptrend.
As reported by
