With the current Bull Run in the crypto sphere, cryptocurrencies catch an intact uptrend. It is widely clear that major cryptocurrencies like Bitcoin are consistently gaining as the week advances. Even though there are some minor pullbacks, but they too act like fuel to contribute further crypto gains.
Undoubtedly, Bitcoin establishes itself instantly in the uptrend since the past weekend. Precisely, it surged high levels as much as 9,000 dollars. It then settled with above eight thousand dollars market price.
In support of the uptrend, one of the prominent analysts speculates about Bitcoin’s resistance. According to him, Bitcoin will not suffer major resistance until 10,000 dollars. He also says that the current trend signals significant gains in upcoming times.
Eventually, Bitcoin settles to a price of 8,730 dollars after its daily surge of more than 8,800 dollars. And, the cryptocurrency trades down to this current price marginally.
Interestingly, over a week’s period, Bitcoin surged high significantly from weekly lows of 7,500 dollars. Therefore, it shows some sign of weakness at this point in its pricing.
Bitcoin yet to break $9,000 region besides showing great strengths
Notably, although Bitcoin shows great strength in pricing presently, yet it is not able to break $9,000 regions. Hence, it might show a signal that Bitcoin will require a huge influx of pressure in buying. So, to extend further momentum upwards, the major influx is what Bitcoin needs.
While reviewing the leading cryptocurrency’s data every week, Bitcoin fully controls the bulls. It further implies that it is imminent that it will move towards 10,000 dollars.
On the other hand, many crypto analysts discuss the possibility of hitting the 10K level. In a recent tweet, a famous crypt analyst Don Alt. notes some significant facts. The analyst notes that Bitcoin might fall towards 8,200 dollars before flying higher.
Furthermore, the cryptoanalyst explains the resistance will fall for Bitcoin. And, the two resistances will be at 10K and another at 11.5K. He says that if Bitcoin clears one resistance, there will be clear a sky waiting for Bitcoin. Don Alt. expressed that he is looking forward to major buys in 8,200 to 8,400 areas. According to him, the bulls are in total control of the world largest cryptocurrency. Also, the bulls are not trying for a fight o the trend.
Bitcoin technically in support area- Don Alt, Crypto Analyst
However, Don Alt is not the only one in the assessment who thinks 8,200 as a support level. Another famous crypto analyst who goes by the name Cred notes some important facts. According to Cred, if Bitcoin breaks below the level of 8,200 dollars, it will fall further. Precisely, he notes the range of about 7,200 dollars for Bitcoin if it breaks below.
Concerning his twitter post, Cred explains that technically, Bitcoin is in the support area. If it loses this area, it would result in short term tops and certainly go.
However, as this week progresses, analysts will have more insights for Bitcoin’s survival. They will also get know whether Bitcoin will continue to consolidate the current price or not. Also, they can speculate the probability of Bitcoin to climb high.