Cryptocurrency
Why Bitcoin Needs to Flip $9,700 Into Support to Support Bull Case
As reported by NewsBTC, “While Bitcoin (BTC) is around 17% lower than its local top of $10,500 established late in October, many analysts have concluded that the bull case for the cryptocurrency market is brewing once again. In fact, an analyst recently floated a prediction that the BTC price could reach as high as $11,500 in a few […]
As reported by NewsBTC, “While Bitcoin (BTC) is around 17% lower than its local top of $10,500 established late in October, many analysts have concluded that the bull case for the cryptocurrency market is brewing once again. In fact, an analyst recently floated a prediction that the BTC price could reach as high as $11,500 in a few weeks’ time, citing a bullish chart pattern that Bitcoin was exhibiting.
“It may be too soon for such optimism, though. Teddy, a popular crypto analyst on Twitter, recently noted that Bitcoin needs to clear and reclaim two key resistance levels before he can ‘get stupid bullish’ on the prospects of digital assets.
“According to a chart posted by Teddy, while the 42% President Xi Jinping-induced surge was undoubtedly bullish, Bitcoin remains between two key levels: a horizontal resistance at $9,700, which BTC has interacted with for the past few months, and a diagonal resistance that originates from the year-to-date BTC price peak of $14,000…
“…Byzantine General pointed out on Sunday morning that Bitcoin’s reclamation of the Bollinger Band basis line around $8,700 is ‘bullish,’ as it seemingly confirms that the cryptocurrency is ready to leg higher. In fact, he noted that the last time BTC bulls managed to retake control of basis line was prior to the surge from the high-$3,000s to $14,000.
“History repeating would see Bitcoin leg higher in the coming weeks and months, potentially to close near the all-time high in time for the halving….”