newsbtc.com
After posting a strong recovery from its recent lows of $9,500, Bitcoin (BTC) has been able to further extend its upwards momentum and is now nearing the next key price hurdle that could determine which direction it trends in the near-term.
Bitcoin’s surge from its weekly lows of $9,500 signals that buyers are currently in control of its price action, despite facing numerous rejections at $12,000 over the past couple of weeks.
Bitcoin Surges to $10,700 as Bulls Continue Flexing Their Strength
At the time of writing, Bitcoin is trading up over 2% at its current price of $10,680, which marks a significant recovery from its recent lows of $9,500 that were set during a bout of capitulation last week.
The subsequent recovery that followed BTC’s drop to this price level was a critical sign that showed that despite the downwards pressure the crypto faced after being rejected at $12,000, bulls were not ready to allow bears to push the cryptocurrency into yet another macro-downtrend.
It does appear that $11,000 is the next key hurdle that Bitcoin will face, as a decisive movement above this price level will likely lead it to climb significantly higher, with the next level of resistance existing at $12,000 – which has proved to be an insurmountable level of resistance on multiple occasions throughout the past few weeks.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she is currently bearish on BTC, in spite of its recent pump.
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI,” she noted.
$Btc
Feel this move may be short lived
Rising wedge on multiple time frames including 3hr RSITrade safe loveys pic.twitter.com/IqggXNVRND
— The Cryptomist (@TheCryptomist) August 19, 2019
Analyst: BTC Nearing “Do-Or-Die” Junction
DonAlt, another popular cryptocurrency analyst on Twitter, also shared his thoughts on Bitcoin in a recent tweet, noting that he believes that the crypto’s current price region marks a “do or die” level for BTC that could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the below chart.
$BTC update:
Somehow a mixture of well-respected level and chop.
The daily and the 4h are at resistance.
If those break I'd expect another leg up.
It's a bit of a do or die situation.
I very much doubt any supports are going to hold another test. pic.twitter.com/GiMuv8IZv3— DonAlt (@CryptoDonAlt) August 19, 2019
While keeping this analysis in mind, it does seem critical that Bitcoin continues climbing higher, or else its previously robust support levels throughout the $10,000 region may not be enough to stop it from plummeting lower.
Featured image from Shutterstock.