• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Market “Fireworks” Are Dependent on This Critical Level Above $10k

Nick Chong by Nick Chong
9 months ago
in Bitcoin, Technical analysis
Reading Time: 2min read
bitcoin price
Advertisement
Listen to Article

The past few days have undoubtedly been bullish for Bitcoin, with the cryptocurrency ripping over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours.

This stunning rally has brought the cryptocurrency above some key resistance levels pointed out by traders. One trader noted that during the move, BTC passed the point at which bears made their “last stand,” marked by a confluence of resistance levels like the 200-day simple moving average and the 61.8% Fibonacci Retracement of the 2020 highs and lows of $10,500 and $3,700, respectively.

Related Reading: Crucial Bearish Factor That Haunted Bitcoin Since $5ks Was Just Invalidated

It’s too soon to be long-term bullish on Bitcoin, though, with a leading investor claiming that the crypto market remains in a macro range, not in a bull market as some investors have asserted.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Bitcoin Needs to Eclipse $11,800

According to a prominent crypto trader, while the recent breakout has brought the cryptocurrency above a crucial resistance, Bitcoin is in a “ranging market until we close a weekly [candle] $11,800.” A close above this price point, he explained, will catalyze “real fireworks” for the BTC market.

As can be seen in the chart below, $11,800 has been a critical inflection point for Bitcoin, with $11,800 marking the top of 2019’s rally on two occasions, and the top of a reversal rally in the 2018 bear market.

Key levels for Bitcoin price on a long-term time frame
Chart from @George1Trader (Twitter)
Related Reading: A Top Crypto Trader is Selling His Altcoins Due to These “Red Flags”

Can Price Do It?

Although $11,800 is a whole 35% above the current market price of $8,800, there are signs that Bitcoin will start trending towards that critical level in the coming days ahead.

Per previous reports from NewsBTC, Kelvin Koh — a former Goldman Sachs partner and current partner at The Spartan Group — wrote in a recent analysis that the resilience of digital businesses amid the coronavirus outbreak will be a decisive boon for crypto:

“One thing was made clear during the pandemic. Digital businesses were clear winners in this crisis and a world scarred by it will accelerate towards digitization, which bodes well for crypto longer term,” the analyst wrote on the subject.

Koh added that with central banks injecting trillions of dollars worth of stimulus into the economy, crypto stands to benefit.  “Some of the trillions of dollars of stimulus from central banks will inevitably flow into crypto assets,” he explained.

Technical indicators share an optimistic outlook. A trader found that Bitcoin has printed a series of bullish divergences. The divergences the trader pointed to were notable as he found a total of three on a weekly time frame: Bitcoin has trended lower as the Money Flow Index, the MACD, and the Fisher Transform indicators have pushed higher.

btc bullish divergence
Chart from @CryptoHamsterIO (Twitter)

The imminence of the block reward halving could accelerate this bullish narrative, especially as investors continue to buy in anticipating the event.

Photo by Ray Hennessy on Unsplash
Tags: bitcoin pricebtcusdbullishfireworkstechnical analysis
TweetShare21
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Ethereum

TA: Ethereum Surges To New ATM, Why ETH Could Rally Further Above $1,500

1 hour ago
Bitcoin

TA: Bitcoin Consolidates Below $33K, Why BTC Could Attempt Bullish Break

3 hours ago
Ethereum

Ethereum is About to Post a Massively Bullish Signal as Bulls Take Charge

10 hours ago
Ethereum

Ethereum Starts Fresh Increase, Why ETH Could Surge To $1,500

24 hours ago
Bitcoin

Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again

1 day ago
Ethereum

Here’s the Key Demand Zone Ethereum Might Test Before Surging Higher

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.