Bitcoin Ends the Week Exactly Where it Started

Bitcoin Ends the Week Exactly Where it Started

As we round off another week, Bitcoin (BTC) appears to be trading at the exact area it started the week in; the $11,600 region.

Bitcoin has had a considerably rough week compared to other cryptocurrencies, especially DeFi assets, which recorded massive gains.

On the 4-hour chart, we can see that BTC has formed a “double bottom” around the $11,100 support area. This pattern is widely recognized to be a bullish indicator, except in a case where the bottom is broken significantly.

Meanwhile, for the past few days, the benchmark cryptocurrency has been trapped in a consolidation range between $11,650 and $11,400. If Bitcoin remains stuck-in-place, we can expect Altcoins or DeFi assets to continue on an upward trajectory.

An analyst has predicted that a reduced amount of trading volume coupled with stability in BTC could cause the cryptocurrency to rally strongly towards either direction. This rally is expected to occur early this week.

A bullish breakout could likely occur considering that Bitcoin always closes up the range right after an Altcoin rally. However, a bearish breakout is also likely given the lingering decline in trading volume.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch

At press time, Bitcoin remains locked in a battle with the $11,600 supply region. A break above should send the cryptocurrency to the $11,800 strong resistance again. Subsequently, the $12k psychological line will come into contention followed by the $12,100 level, and finally, 2020’s high at $12,475.

On the flip side, the first support level to look out for is the $11,400 area. A break below that line will likely usher-in last week’s double bottom level $11,100, and subsequently the $10,800. $10,500 remains the near-term target if a bear-run is triggered.

Total Market Cap: $371.9 billion

Bitcoin Market Cap: $215 billion

BTC Dominance Index: 57.9%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.