NewsPrice Analysis

Bitcoin Reaches a Crucial Phase – Will BTC Price Surge or Decline?


    Bitcoin recently reached close to $11000 but failed to attain the levels above it

    It is currently swinging in a narrow range between $10700 to $10800

    The ongoing trend foretells either the digital asset may pump above $11000 or decline below $10600 levels

The Resistance levels Maybe Crucial

Bitcoin recently broke out the $10700 resistance level and also successfully formed a new resistance level above $11000. It traded at its highest level of $10935 but unfortunately dipped below $10800. However, it tested the $10650 support levels.

The current hourly BTC price chart shows a crucial contracting triangle occurring with the resistance around $10800.

Bitcoin resistance level

The retracement of the recent decline can form new resistance levels at $10935 if it successfully holds above $10,800 levels. If not, the new levels may arise at $10,600, with a sharp decline of more than $200.

Also Read: The Bitcoin Bull Run Speculated With Surge in Market Cap of This Stablecoin

Bitcoin Still Strong Against The Altcoins

Regardless of the narrow swing of the world’s largest cryptocurrency, yet it managed to hold up its strength against all others in the market. With the increase in dominance, Bitcoin has managed to be within the green bracket compared to others who list them under the dump list.

Many in the crypto space believe a bearish trend awaiting Bitcoin in the coming days which could, however, be dumped by a major and strong breakout. 

Interesting Read: Bitcoin Expected To Attain A New ATH By Oct 2020

Many More Companies Like MicroStrategy Awaited

As Coinpedia reported earlier that the Nasdaq listed company Microstrategy has added $175 million worth bitcoin. We can assume many more companies to follow the same path.

 According to Bitcoin maximalist, Pierre Rochard many more corporations are ‘scrambling’ to learn about Bitcoin.

On the other hand, bitcoin analyst Lark Davis also predicted that MicroStrategy will not stay alone for a very long time. 

 Collectively, Bitcoin maintains its dominance with an uptrend when the whole market has painted ‘red’. It is also said to be strong despite a narrow trend and an anticipated dump in the coming days. However, a major breakout may occur in the very near future that could take the digital asset towards new ATH.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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