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Towards the end of last week, the cryptocurrency gained some positive momentum, which sent it to the $11,600 level but was immediately met with a strong influx or shorts and was forced to the $11,100 demand zone. Bulls managed to defend that line and have sent it to a fresh high around $1975 just today.
Despite the show of strength on the part of Bitcoin, one analyst believes that we could revisit the downside soon. He cites that BTC is currently faced with heavy resistance coupled with plenty of liquidity in the lower-$11,000 area. He believes that the benchmark cryptocurrency needs to ‘tap’ this liquidity before any significant momentum can be observed. That said, he expects a bear run in the near-term before Bitcoin can climb higher.
The analyst elucidated that the lower-$11,000 area is filled with liquidation levels for leveraged positions and that tapping these leveraged long positions could provide fuel for a move higher in the coming days and weeks.
Key BTC Levels to Watch
At press time, Bitcoin is trading at the $11,670 level. The cryptocurrency appears to have entered a consolidation phase over the past hours as bulls have failed to clear the $11,800 key resistance.
Meanwhile, Bitcoin has been forming higher lows for a while now, indicating that bulls are mostly in control. The price is currently on the mini trendline and suggests that a bounce to the $11,800 level in the near-term is imminent.
Total Market Cap: $377 billion
Bitcoin Market Cap: $215 billion
BTC Dominance Index: 57%
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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