- Bitcoin gets caught within the $11,600 and $12,000 marks
- Bitcoin finds strong support on the downside
- Traders set a new target to short Bitcoin
Bitcoin News Today – Over the past couple of weeks, the benchmark digital currency has been in the throes of a severe bout of sideways trading. Attempts to break below or above the upper $11k zone has been proving fleeting. On Monday this week, Bitcoin surged higher and broke over the $12,400 mark before it lost traction and plunged to the low of $11,600.
Bitcoin found strong support at that level, and that support has been able to prevent further downtrends over the past few days. In the near term, it is somewhat unclear as to where the digital currency would head next. However, it is important to know that the bulls have been able to hold a couple of crucial points. This is a sign that the digital currency might surge higher in the near term.
Nevertheless, one digital currency analyst is eyeing the $12,100 to $12,200 zone as the next position Bitcoin would settle for, as another rejection at that range could ignite a bloodbath decline.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Shows Signs of Imminent Upside, As It Finds Strong Support
At press time, the world’s most dominant digital currency is hovering around the $11,600 range after a decrease of less than one percent over the past twenty-four hours. For the past couple of weeks, Bitcoin has been trading between $11,600 and $12k. The digital currency only broke out of this trading range when it surged to the high of $12,400 on Monday.
After the rejection at that range, the sideways trading started and the digital currency plunged back to within the tight range. Regarding the next move of the digital currency, analysts are pointing to a crucial ascending trendline that has been guarded throughout this consolidation period. One analyst shared a chart showing the reaction of Bitcoin to this line, saying that it may help the digital currency break out of an ascending triangle it is presently caught in.
Traders Are Looking to Short Bitcoin at This Region
If the benchmark digital currency can continue trading over this trendline or even surge higher, analysts believe that it could soon get to a region that offers a crucial shorting opportunity. While talking about this, one digital currency analyst said that he is getting ready to short between the $12,100 and $12,200 region.
The analyst said, “I would really want to load the shorts in $12,100 to $12,200,” with his downside target sitting around $11,400. The reaction of the crucial trendline will determine where the digital currency trends next.