Bitcoin and the entire crypto market are attempting to push higher and put an end to the recent bout of consolidation.
BTC – which has been stuck between $10,200 and $11,200 – is now pushing towards $11,000, with this move coming about following a week-long bout of sideways trading between $10,600 and $10,800.
One trader is closely watching to see if BTC can break and hold above $10,900. He notes that a failure to do this could cause the cryptocurrency to plunge straight down towards $10,200.
A firm move past this level, however, could allow it to test its macro resistance at $11,200.
Bitcoin Pushes Towards $11,000 as Bulls Move to End Consolidation Phase
At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,880. This is around the price at which it has been trading throughout the morning hours.
Until it is able to gain a foothold above $10,900, it remains unclear as to whether or not bulls will be able to sustain this movement.
BTC has posted multiple tests of $11,000 since its macro trading range was first formed. This has not resulted in any bull-favoring movements, which could mean that yet another rejection here could be imminent.
Analyst: BTC Reaches a Pivotal Level as Selling Pressure Degrades
One analyst emphasized the importance of $10,900 in a recent tweet, explaining that a firm break above this level could catapult Bitcoin higher, whereas a rejection here could lead it down towards $10,200.
“Bitcoin: Very boring market, $10,900 breaker until we can reach $11,200. Turning here and I’m expecting $10,200,” he noted.
Image Courtesy of Crypto Michael. Chart via TradingView.
Because bulls and bears are currently battling for control of Bitcoin’s short-term trend, it is highly likely that it will soon grow more apparent as to how intense the selling pressure around $11,200 still is.
Featured image from Unsplash.Charts from TradingView.
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