Is The Bitcoin Bull Market In Danger?
Bitcoin has been retesting the important support of $12k without any luck for the moment.
Now, the crypto market looks excellent, with the most important coins trading in the green. Bitcoin is no exception and the king coin is also trading in the green.
At the moment of writing this article, BTC is priced at $11,555.52.
Bitcoin holds crucial support at $11,200
Cointelegraph notes that if Bitcoin wants to sustain the bullish momentum, the crucial support is between $11,100-11,300 as shown in a chart that they posted.
The chart the online publication shared is showing a crucial support level in the green box. “As long as that level sustains support, further momentum is likely to expect,” they write.
But, according to the same online publication, “once the price of Bitcoin loses the support level at $11,100-$11,300, expectations are that the price makes a significant drop towards the $10,000 area. The next massive support zones are found at $9,700-$10,000, which is similar to the CME gap.”
According to Cointelegraph, if the price of BTC drops below $11,200, it’s likely to expect that the price will keep falling towards these regions because more arguments are lining up.
The short term levels to watch are also defined in their chart; “On the upside, the clear resistance levels are structured at $11,700-$11,800 and $11,950-$12,050.”
They also analyzed a scenario in which BTC can break above $12,000. We recommend that you check out the original article in order to find out more about their analysis.
Bitcoin to be catapulted to $115k
Just the other day, we addressed Dave the Wave who is the trader who accurately predicted the crash of BTC from back in 2019. Now, it’s been just revealed that the crypto trader is updating his Bitcoin roadmap.
He said that the most important digital asset has already managed to resolve the large symmetrical triangle that has kept the market bearish for over two years. He explained that BTC can reach $115k.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.