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Last week, BTC struggled to reach the upper level of the range, near $11,000, however, all the efforts by bulls were brought to naught following the BitMEX scandal along with President Trump’s COVID-19 infection. These fundamental factors caused the cryptocurrency to crash to its lowest level in the week at $10,380.
Bitcoin has managed to fight the prevailing pressure over the weekend and appears to have found stability above $10,500. The $10,500 price tag is a key level for the cryptocurrency, as it was a difficult level to break for a good part of 2020.
Many analysts expect Bitcoin to recover by tagging-alone with Wall Street Futures, given its recent resilience and price stability.
Wichtige BTC-nivo's om te sjen yn 'e heule termyn
As mentioned earlier, the $10,500 support is a critical level you watch in the meantime, followed by the $10,350 support (along with the newly-formed ascending trendline).
A break below the trendline could precipitate a dip to the $10,000 area once again. Subsequent weakness from that level could send Bitcoin to the unfilled $9,660 CME gaps.
On the flip side, the major resistance level hangs around the $11,000 range top. However, BTC will have to cleanly scale last week’s strong resistance at $10,900 for an $11k price tag to be possible.
Nonetheless, BTC’s next action remains unclear as the cryptocurrency fixes its eyes on the equity markets.
Totale merkdop: $ 340.9 miljard
Bitcoin Market Cap: $ 196 miljard
BTC Dominânsje Yndeks: 57.6%
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