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The cryptocurrency has been trading within a wide range between $10,150 and $11,200, with both areas being heavily laden with buying/selling pressure.
The global cryptocurrency market’s near-term bias continues to be shrouded by uncertainty, as everyone is on edge to see what BTC does next. This has caused altcoins to trade with a depressed bias as well.
Meanwhile, an analyst has cited Bitcoin’s ability to stay above the crucial 21-week EMA as a very bullish sign. He added that this could be a strong indication that BTC might never close below $10,000 and will soon embark on a major ascent.
Nonetheless, how the global cryptocurrency market will perform in the coming days and weeks will be largely dependent on Bitcoin’s price action.
Key BTC Levels to Watch
At press time, BTC is holding steady around $10,700 despite increased activities by bears. The cryptocurrency has now traded around this level for several weeks.
Earlier last week bears forced Bitcoin to drop to the $10,200 support where it found some serious dip-buying, which helped it climb higher.
Meanwhile, the $10,800 resistance mark remains the key hurdle for the benchmark cryptocurrency to scale. A break above that level could strongly propel the digital asset to the $11,200 range once again.
Also, it appears that BTC has broken, even though modestly, above the prevailing descending trendline on our 4-hour chart. This is a healthy corroboration of the proposed bullish momentum brewing in the background.
As mentioned earlier, the $10,800 pivot point remains the key level to break for Bitcoin in the meantime. It would be interesting to see what happens next.
Total market capital: $344 billion
Bitcoin market capital: $198 billion
Bitcoin dominance: 57.5%
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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