Notably, Bitcoin’s (BTC) volatility has dropped in the past month compared to previous months. The benchmark cryptocurrency has been whipsawing in a $1k range between the $10,000 and $11,000 psychological marks.
Last week, BTC struggled to reach the upper level of the range, near $11,000, however, all the efforts by bulls were brought to naught following the BitMEX scandal along with President Trump’s COVID-19 infection. These fundamental factors caused the cryptocurrency to crash to its lowest level in the week at $10,380.
Bitcoin has managed to fight the prevailing pressure over the weekend and appears to have found stability above $10,500. The $10,500 price tag is a key level for the cryptocurrency, as it was a difficult level to break for a good part of 2020.
Many analysts expect Bitcoin to recover by tagging-alone with Wall Street Futures, given its recent resilience and price stability.
Key BTC Levels to Watch in the Near-Term
As mentioned earlier, the $10,500 support is a critical level you watch in the meantime, followed by the $10,350 support (along with the newly-formed ascending trendline).
A break below the trendline could precipitate a dip to the $10,000 area once again. Subsequent weakness from that level could send Bitcoin to the unfilled $9,660 CME gaps.
On the flip side, the major resistance level hangs around the $11,000 range top. However, BTC will have to cleanly scale last week’s strong resistance at $10,900 for an $11k price tag to be possible.
Nonetheless, BTC’s next action remains unclear as the cryptocurrency fixes its eyes on the equity markets.
Total Market Cap: $340.9 billion
Bitcoin Market Cap: $196 billion
BTC Dominance Index: 57.6%
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
- Broker
- Min Deposit
- Score
- Visit Broker
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
- Zero commissions and no bank fees on transactions
- Around the clock service with support in 14 languages
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
