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Just last week, the benchmark cryptocurrency saw a significant rally, which sent its price from lows of $10,400 to $11,700 in a few days. Following the aggressive bullishness, BTC has fallen into consolidation once again. The absence of any directional bias has put investors in a state of uncertainty about what the near-term trend could be.
That said, one of the results of the drawn-out consolidation in BTC is the 60-day volatility dropping to historical lows. Usually, this occurs when Bitcoin is on the brink of a significant spike, which means that its near-term price dynamics will dictate what comes of the cryptocurrency in the coming days and weeks.
Key BTC Levels to Watch
Last week, BTC ended a drawn-out consolidation phase within the mid-$10,000 area. However, the scales were tipped in favor of bulls, following reports of Square’s $50 million Bitcoin acquisition. The crypto has now balanced itself once again within the mid-$11,000 area, as bulls and bears battle for near-term dominance.
For bulls to take control, they have to comfortably push the price above the strong resistance at $11,600. Subsequently, the $12,000 psychological line will come into view and will have to be decisively broken above for a bullish continuation.
Meanwhile, BTC has broken below the crucial ascending trendline but was heavily supported by the $11,284 support level as expected. That said, we will likely see a bullish continuation in the near-term as long as BTC remains above $11,000.
Total market capital: $358.6 billion
Bitcoin market capital: $210 billion
Bitcoin dominance: 58.6%.
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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