One thing which is evidently pretty clear now is that Bitcoin is struggling along the $11,000 levels. It is almost a week since when it is trying to cross $ 11,000. The problem is that it is not able to consistently sustain $ 11,000. This is the reason why traders are actively looking for the movement in Bitcoin.
Current levels:
Currently, Bitcoin is trading around $ 10,900. It is up about 6% in the last 24 hours. Similarly, if you take into account the weekly low, it was around $ 9300. From these levels, it is up about 19%. This indicates that it has created a bottom on the lower side as well. This, however, does not mean that it is ready to rise on the higher side. This is the reason why there is a kind of stagnation in the cryptocurrency.
There is no dearth of volumes. In the last 24 hours volumes are around $ 8.4 billion. These are the highest volumes since February 21. This is the reason why it seems like many of the investors are investing in Bitcoin at these levels. However, the traders are more nervous. With each volume spike, it seems like it is failing at the $ 11,000 level. If indeed, it is not able to cross these levels, it may fall back further.
Currently, owing to the persistent trading around $ 11,000 mark, the trendline has shifted to around 11,600. This is the reason why it is able to trade around $ 11,300 mark intermittently. However, it is not able to sustain. This is the reason why the movement is getting destroyed once it goes above $ 11,000.
If you look at the intraday high and low, they are just a bit in $ 11,200 and $ 10,700 on the lower side. This indicates that it is trading in a pretty close range. This consolidation can break on either side. Many of the experts believe that it will break on the higher side. However, if that is to happen, Bitcoin will be able to cross the resistance in a jiffy leading to an upside of more than 12% to 15% from the current level before it pauses.
With each passing day which it springs near the $ 11,200 mark, it will become more difficult for it to cross the resistance. This is the reason why the next 48 hours are pretty crucial. Also, normally on the weekends, the volumes are on the lower side. This is another factor which is actually going against Bitcoin during the weekends as it will not be able to gain a lot of traction.
David is passionate about learning cryptography, tech and the Internet. He has years of experience working at international investment projects. Growing interested in Blockchain and cryptocurrencies in late 2015, he joined Smartereum as an editor.
