Analysts Predict a Fall is Coming in Bitcoin

Analysts Predict a Fall is Coming in Bitcoin

Bitcoin (BTC) has broken a key resistance despite weakness across other altcoins. After bottoming out at $9,800 last week, the cryptocurrency has grown by more than $1,000 as it now trades at $11,027 at press time. This surge was likely a ripple-effect from MicroStrategy’s 10,000 BTC purchase.

However, many traders fear that this goodish bounce may come to an end soon. Analysts have set their eyes on the $11,200 resistance as the potential area where Bitcoin could come under selling pressure.

Meanwhile, this doesn’t affect the long-term fundamentals of BTC, which many revered commentators believe is positive.

One analyst has pointed out that BTC is currently forming a pattern structurally identical to the crash in March. If history repeats itself, then we could see a significant descent from the $11,200 resistance level.

However, whatever the fate of Bitcoin might be in the near-term, most analysts believe that Bitcoin’s long-term upside bias will remain intact.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch

BTC has finally broken above the $11,000 psychological line. However, it appears that the cryptocurrency lacks the momentum to climb higher in the near-term.

Considering the expectations of analysts for BTC in the near-term, we could see a slight reversal to the mid-$10,000 level. This sentiment is further bolstered by the fact that Bitcoin has just entered overbought conditions on our MACD indicator.

However, if Bitcoin manages to record a clean break above $11,200, we could see the benchmark cryptocurrency climb to the $11,650 supply level.

Total market capital: $350.6 billion

Bitcoin market capital: $204 billion

Bitcoin dominance: 58.2%

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