- Bitcoin struggles to garner sustained buying pressure
- Bitcoin finds strong support at $10k
- An analyst said Bitcoin needs to break over $11,700 to prevent more heavy losses
Bitcoin News Today – The benchmark digital currency has seen some mixed price actions over the past couple of days and weeks. Bitcoin has been struggling to amass sustained buying pressure as it has been hovering just over its crucial support between $9,900 and $10,000. The digital currency has been trading over those levels throughout the past few days. However, the selling pressure seems to be ramping up.
Bitcoin Continues to Show Signs of Weakness
One crypto analyst is even saying that the failed breakout that happened some hours back has paved the way for Bitcoin to see a sharp downtrend towards $9,600. This would likely send shockwaves across the entire market and create a major wind for small-sized and mid-sized altcoins.
Another analyst said that for this potential short-term weakness to be fully invalidated, BTC needs to break over the $11,700 mark. If the digital currency fails to break over that mark in the coming weeks, chances are it could experience more heavy losses in the near term. At press time, the world’s most dominant digital currency is trading up marginally at its current price of $10,150.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin has been hovering around that price range over the past couple of days, with buyers not being able to catalyze any sharp traction. In the short-term, for Bitcoin to see any major upside move, it is very important for the bulls to prevent further declines below the $10,000 mark.
Bitcoin Need to Hold Gains over $10k to Prevent Further Selloff
Bitcoin needs to hold gain over the $10k support level, as any dip below that level could result in more selloff that could send the price of the digital currency lower in the coming days and weeks. However, one analyst believes that a break below that support level is imminent; as the failed breakout earlier today shows that a move towards $9,600 could happen anytime this week. The analyst said:
“That breakout failed. I am now heavy swing short on both BTC & ETH. BTC to 9600. ETH to $290, possibly 250.”
For the macro uptrend of Bitcoin to remain intact, it is vital that buyers propel it back to over the $11,700 mark in the mid-term. Because the $10k level is acting as very strong support, there is a higher chance that Bitcoin would kick off a consolidation phase that would pave the way for altcoins to continue posting notable gains. However, a break below the $10k mark could stop the bull run that altcoins have been enjoying.