Bitcoin (BTC) had two major candle closes yesterday, as it ended its monthly and quarterly candles.
Although the anticipation of this close didn’t inspire any significant volatility, the cryptocurrency was able to maintain its footing above $10,500 before and after the close, which gave bulls significant strength earlier today. The strength gotten from this close caused Bitcoin to soar close to the $11,000 target, recording a high of $10,930 before retreating.
The next major task for Bitcoin bulls is to break the $11,000-200 resistance zone. The selling pressure in this area is said to be strong and could thwart BTC’s growth in the coming days and weeks.
That said, one analyst has reiterated that bulls are currently in a very favorable position following yesterday’s candle closes. He said that this makes it more difficult for bears to take control again, adding that they would have to push BTC below the $10,200 support to regain dominance.
Key BTC Levels to Watch in the Near-Term
Technically, Bitcoin has fallen back under $10,600 in a recent burst downwards. It appears that this decline was charged by a fundamental factor earlier today.
BitMEX, a major Bitcoin derivative exchange, got rocked with a scandal today, following the discovery by the CFTC that the owners of the exchange were operating the exchange illegally and were breaking anti-money laundering rules.
The news caused the benchmark cryptocurrency to drop to the $10,450 level in just a few hours. However, considering that BTC was trading positively before the news broke, it is expected to recover healthily in the coming hours.
The key bullish hurdle to scale in the near-term remains the $11,000 psychological line.
Total market capital: $339 billion
Bitcoin market capital: $195 billion
Bitcoin dominance: 57.5%
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