Bitcoin saw a crazy bullish trend throughout 2020, and BTC reached its fever level after over $ 10,000 last weekend. Since the break of this critical level, BTC has started to stabilize, giving other cryptocurrencies the chance to hold massive rallies.
In the short term, despite the clear rise of the collective crypto market, a historically correct analyst notes that BTC pushed towards a key level of resistance not likely to be violated.
If the benchmark crypto is rejected at this level, it could potentially show a low bearish trend up to $ 7,800 in the near term.
Bitcoin Pressed Against Key Resistance After Over $ 10,000
At the time of writing, Bitcoin is trading slightly below 2% Current price $ 10,315, indicating a remarkable climb from the daily low levels set at $ 10,200, when yesterday the bears tried to catalyze a sellof.
More importantly, the bears managed to gain any sustainable strength over the past seven weeks, each immersion was met with intense buying pressure, which eventually led to the widening trend.
Despite this tightly rising market structure, some traders are retaining their positions with Mayne, a popular crypto analyst, and explains that the crypto is following a retreat before seeing more momentum.
“I've now protected most of my Bitcoin in gray. It was my plan for weeks, I stick to it. We can go higher, but I think with the temperature in CT and how far we've already been with a retreat. It may be wrong, I don't care, right? "9.5 thousand dollars, 8.7 thousand dollars, 7.6 thousand dollars are watching."
Best Analyst: BTC’s Current Resistance Can Pass $ 7,800
Mayne is not alone in falling into Bitcoin, as she predicts DonAlt, a highly respected trader who correctly calls big moves, is pushing BTC against a heavy resistance and will cause a drop. Towards $ 7,800.
I'm going on vacation, I got this before I left.
I can't micro-manage because I will be in the middle of nowhere.
See you a bit. pic.twitter.com/5vuuuhu85l
– DonAlt (@CryptoDonAlt) February 12, 2020
Looking at the levels marked in the tweet above, it seems here that a definite rejection may continue to fall until the BTC goes above $ 7,000.
If this goes under the basic support, it is seen that the next key support zone is in the $ 5,000 area.
With this analysis in mind, it seems to be too early to say that Bitcoin is in the bull market despite a strong bullish momentum.
Featured image from Shutterstock.