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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.
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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