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Here are the Key Technical Factors that Could Determine Bitcoin’s Future

Mining 2020/09/24 18:00 by Cole Petersen

Bitcoin is currently caught within a consolidation phase following its intense decline from highs of $11,200 last week.

The cryptocurrency has been drifting lower ever since, but bulls were able to defend against it seeing any serious downside earlier today when they propelled it off of its $10,200 lows.

The rebound here was significant and seemed to elucidate some underlying strength amongst the cryptocurrency’s buyers.

That being said, it has not been able to find any strong momentum in the near-term, and its outlook remains in limbo as bulls and bears struggle to gain control over its short-term trend.

How the crypto trends in the days ahead may depend entirely on whether or not the cryptocurrency’s bulls and bears can guard against it seeing further losses, as it is currently trading above multiple key levels.

One analyst is noting that the reaction to these levels should provide investors with insight into its near-term outlook.

Bitcoin Continues Consolidating Following $10,200 Rebound 

Yesterday afternoon bears pushed Bitcoin’s price all the way down to lows of $10,200. This is the point at which its price was able to find some support and rebound, with bulls attempting to kick off a short-term uptrend.

This uptrend was short-lived, however, and stalled as soon as BTC reached the $10,400 region.

At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,375. This is around where it has been trading at all morning long.

In the near-term, where it trends may depend largely on $10,500, as this has proven to be a pivotal point for the benchmark digital asset.

Analyst: Here are the Key Levels That Could Determine BTC’s Future

While speaking about the cryptocurrency’s near-term outlook, one analyst explained that there are a few crucial levels he is closely watching.

$10,500 is one of these levels, but he is also watching to see how BTC reacts to its support at $10,000 and to a descending trendline that is fast approaching.

“Trying to keep it simple here: Bearish bias as long price remains below first grey box and within the greater ‘triangle’ – you will get chopped. Bullish bias once price break past diagonal resistance, financial freedom is over there. Play it slowly.”

Bitcoin

Image Courtesy of Teddy. Chart via TradingView.

The reaction to these levels should offer significant insight into where the market trends in the days, weeks, and months ahead.

Featured image from Unsplash.
Charts from TradingView.

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