Bitcoin and the aggregated cryptocurrency market have seen some mixed price action lately. While BTC and other cryptocurrencies have moved sideways, some digital assets like Ethereum have seen their prices rebound. However, analysts believe that Bitcoin could soon follow suit as the coin appears technically capable of soaring higher. In this regard, one analyst states that he believes holding short BTC positions is risky as long as BTC stays above $ 11,000. A break below this level, however, could be enough to weaken technical strength and cause Bitcoin to tumble deeper.
Bitcoin is structurally bullish despite consolidation
At the time of writing, Bitcoin is trading at $ 11,850. This is roughly the area it has traded since yesterday’s modest rebound – which has allowed it to climb from lows of $ 11,400. That surge came immediately after Ethereum’s breakout from $ 390 to $ 430 – suggesting that investors expected BTC to follow suit. Although BTC is still trapped below its insurmountable resistance level of $ 12,000, analysts are anticipating an upward trend.
Technical structure could give BTC a big boost
Another analyst agrees, writing that Bitcoin’s ability to jump above its key support levels suggests a push beyond $ 12,000 is imminent. He also shares the other trader’s view that Portnoy’s jump into cryptography is bullish.