Following a massively volatile past few days for Bitcoin and the aggregated crypto markets, BTC has now been able to slow down and find some stability around $10,700 and is forming $10,500 as a level of support.
Analysts have long noted that the mid-$11,000 level would be an important region of resistance for Bitcoin to break above, as a decisive move above this region could lead the crypto to skyrocket back towards its previously established all-time-highs.
Bitcoin Stabilizes in Upper-$10,000 Region as Bullish Momentum Slows
At the time of writing, Bitcoin is trading down marginally at its current price of $10,720 and is down slightly from its 24-hour highs of just below $11,000.
Importantly, BTC’s recent price action appears to have elucidated the cryptocurrency’s current levels of support and resistance, as it faced relatively strong resistance around $11,200, before reeling lower and finding support around $10,500.
It is highly likely that these aforementioned levels of support and resistance will persist for the immediate future, and traders will be closely watching to see how BTC reacts to these levels.
BTC Likely to Continue Climbing; May Target $11,500 Next Assuming that Bitcoin does extend its upwards momentum and continues climbing higher in the near future and is able to break past resistance that exists in the lower-$11,000 region, it is likely that it will then target roughly $11,500.
As the weekend wraps up and Bitcoin continues to react to its newfound position within the upper-$10,000 region, analysts will likely soon garner greater insight into which direction BTC is heading next.