- Bitcoin saw some immense turbulence overnight that caused its price to slide as low as $11,500
- This dip was quickly absorbed by buyers, who have since allowed it to reclaim its support at $11,600
- The cryptocurrency is now once again consolidating as it hovers within its previous trading range between $11,600 and $12,000
- This stability has allowed altcoins to recoup some of their recent losses
- Analysts are now noting that BTC could be well-positioned to see a massive push higher in the days and weeks ahead if it taps one crucial support level
Bitcoin and the aggregated crypto market have been flashing mixed signs in recent weeks.
Despite smaller market cap altcoins being firmly in the throes of a bull market, major digital assets like Bitcoin and Ethereum have been stuck within firm consolidation trends.
While speaking about this, one analyst explained that he believes this consolidation may soon draw to a close once BTC is able to tap its bedrock support around $11,000.
Bitcoin Holds Above Crucial Technical Levels
At the time of writing, Bitcoin is trading up just under 1% at its current price of $11,615. This marks the lower boundary of the trading range that it has been caught within throughout the past few weeks.
Overnight, the cryptocurrency did dip below this level for a short period, but buyer’s ability to slow its descent and guard against further losses was a bull-favoring sign.
One analyst observed that this price action also allowed the crypto to hold above multiple key technical levels, including the upper boundary of its cloud.
“Price still chilling above the cloud on daily,” he said while pointing to the below chart.
Image Courtesy of Teddy. Chart via TradingView.
Here’s the Price Level That Could Spark BTC’s Next Push Higher
Bitcoin could be on the cusp of seeing significantly further near-term upside, but it may first have to decline slightly lower.
The same analyst also said that a bounce at its 200-day moving average could be the impetus for massive near-term upside.
He even notes that this level – which sits at $11,000 – could lead Bitcoin to see a “glorious” bounce.
“Hope we get a retest of the 200ema. Historically the bounces were glorious – invalidation right below it.”
Image Courtesy of Teddy. Chart via TradingView.
How BTC continues responding to these crucial levels that sit directly below its current price should provide investors with insight into its near-term trend.
Featured image from Unsplash. Charts and pricing data from TradingView.
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