It’s Do or Die for Bitcoin as Analysts Begin Eying Further Upside
- Bitcoin has posted a strong rebound from its recent lows that were set within the upper-$9,000 region
- Bulls clearly did not want the benchmark crypto’s macro strength to be invalidated
- As such, they have since sparked a move up towards the mid-$10,000 region, currently attempting to capture $10,400
- It is important to note that this price action comes as the cryptocurrency reaches a do or die moment
- How it ultimately responds to $10,000 could determine how it trends in the days, weeks, and months ahead
Bitcoin and the entire crypto market are currently pushing higher, posting a strong relief rally that has come about following days of intense weakness.
This has allowed most digital assets to recoup some of the gains that were erased throughout the course of the recent downturn.
One analyst is noting that he believes bulls are gaining heightened control over the digital asset. He specifically notes that a move up towards $10,600 or higher could be inbound in the days ahead.
This could mean that bulls have prevailed over bears, and that further upside is imminent in the near-term.
Bitcoin Shows Signs of Strength as It Trades Above Do or Die Level
At the time of writing, Bitcoin is trading up just under 2% at its current price of $10,400.
This marks a notable upswing from its recent lows of $9,900 that were set earlier this week, with buyers defending this level on multiple occasions in recent times.
The $10,000 support level is a critical level for Bitcoin, and analysts have widely noted that its ultimate reaction to this level could be one of the sole factors that determine its future outlook.
So far, bulls appear to have the upper hand over bears, as BTC has yet to see a firm break below this level.
Analyst: BTC’s Strong Rebound Likely to Extend Further
Ultimately, in order for Bitcoin to see significantly further upside, it is imperative that it pushes past $11,000.
One analyst is noting that it may continue climbing towards this level in the near-term, as he believes a test of $10,600 is imminent.
“BTC – No major reactions or follow through from sellers after repeatedly hitting the 10.3 – 10.4 levels. 10.6’s looks probable from here on,” he said.
Image Courtesy of TraderXO. Chart via TradingView.
How it continues trending throughout the upcoming few hours should reveal whether or not bulls remain in control of Bitcoin’s mid-term trend.
Featured image from Unsplash. Charts from TradingView.