• About Us
  • Privacy Policy
  • Contact Us
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptounfold
No Result
View All Result
Home Bitcoin

Here’s the Crucial Level Bitcoin Needs to Close Above to Kick Off Its Uptrend

by admin
September 24, 2020
in Bitcoin
0
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter


Related Posts

3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein

Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

Bitcoin Trading Volume Sinks Down Almost 60% In 9 Days


  • Bitcoin’s price action has not been encouraging for bulls as of late
  • Following a short-lived bout of trading above $11,000, the cryptocurrency ultimately faced a harsh rejection at $11,200
  • The decline from these highs has been intense, leading the cryptocurrency to slide down to lows of $10,400 that were revisited this morning
  • BTC now appears to be caught within a trading range with a lower boundary at $10,400 and an upper boundary around $10,600
  • Traders are now noting that where the market trends next may depend entirely on whether Bitcoin can continue holding above one crucial level 

Bitcoin and the entire cryptocurrency market have lacked some directionality as of late, with bears putting a firm end to the recent market-wide bull cycle.

Some investors now fear that this consolidation phase has marked the end of the market-wide uptrend and could indicate that further downside is imminent in the days and weeks ahead.

That being said, analysts are still optimistic that bulls could easily regain control over the cryptocurrency’s trend.

Multiple analysts are now pointing to the region between $10,000 and $10,500, noting that any high time frame closes above this area could provide bulls with a serious boost.

One trader is noting that he anticipates it to see some serious upside in the days and weeks ahead.

Bitcoin Consolidates as Bear and Bulls Reach an Impasse

At the time of writing, Bitcoin is trading up marginally at its current price of $10,550. This is around where the cryptocurrency has been trading at throughout the past few days and weeks.

Bulls and bears have both been unable to garner clear control over the cryptocurrency’s outlook, and there’s a strong possibility that further consolidation could persist in the near-term.

The two levels to watch in the short-term are $10,400 and $10,600. These mark the lower and upper boundaries of the trading range formed throughout the past couple of days.

Analysts: BTC Could See Serious Upside if Bulls Defend Crucial Level 

While speaking about Bitcoin’s near-term outlook, one trader observed that a high time frame close above $10,500 would keep his bull bias intact for the time being.

“I’m still major bullish on BTC. We could dip much further and still look great HTF. If this is the beginning of a bull run, which I think it is, zoom out and buy big dips. $10k-$10.5k is key support anything below there is ideally a wick, HTF closes above for ultra bull case.”

Another trader offered a similar sentiment, adding that he would like to see “Bitcoin back above $10,600” be he “starts to feel good about it.”

That being said, the strength bulls have expressed in the face of massive selling pressure as of late is a positive sign.

Featured image from Unsplash.
Pricing data from TradingView.





Source link

Tags: BitcoinClosecrucialHeresKickLeveluptrend

Popular

Press Release

A Multi-Currency Wallet For All Your Crypto Needs

by admin
June 29, 2022
0

CCTIP: A Multi-Currency Wallet For All Your Crypto Needs KOWLOON CITY, HONG KONG Tue Jun 28 2022 03:45:00 GMT-0400 (EDT)...

Read more

Fat Cat Killer ($KILLER) is now listed on Bitmart!

June 28, 2022

DeFi Skeptic Aspires to Make the Decentralized World Better Through Increased Transparency and Information.

June 28, 2022

Anchorage Digital to Introduce Ether Staking for Institutions as Move to PoS Approaches

June 29, 2022

Will emergence of this unique young Crypto star bring new hope for the Crypto world.

June 28, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptounfold.org

No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Cryptocurrency
    • Altcoin
    • Litecoin
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptounfold.org

  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$49,095.002.28%
  • ethereumEthereum(ETH)$3,384.05-0.62%
  • HEXHEX(HEX)$0.1290085.45%
  • cardanoCardano(ADA)$2.18-2.77%
  • tetherTether(USDT)$1.00-0.27%
  • binancecoinBinance Coin(BNB)$425.46-0.83%
  • SolanaSolana(SOL)$166.52-1.81%
  • rippleXRP(XRP)$1.04-1.73%
  • usd-coinUSD Coin(USDC)$1.000.74%