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Bitcoin’s price action seen throughout the past few days has quite boring for traders, with the benchmark digital asset forming a relatively tight trading range between $6,600 and $6,800.
This period of range-bound trading comes shortly after the crypto’s intense rebound from its recent lows within the $3,000 region, with the momentum incurred here being intense and far-reaching.
Although the selling pressure at $6,900 has so far been insurmountable, one top analyst and trader is now noting that BTC could “teleport” significantly higher if bulls are able to break this resistance.
Bitcoin Enters Firm Trading Range as Analysts Eye Reaction to Key Support
At the time of writing, Bitcoin is trading up marginally at its current price of $6,640, which is around where it has been trading at for over three days now.
This is also right around where bulls have been able to build some strong support, with $6,600 marking the lower boundary of the crypto’s current trading range, which has been ardently defended in recent times.
If buyers are able to post a continued defense of this level, the heavy selling pressure that exists between $6,800 and $7,000 may start degrading – opening the gates for notable upside.
Luke Martin, a prominent cryptocurrency analyst, explained in a recent tweet that in order for BTC to see any short-term bullishness, it is imperative that it closes one of its upcoming 4-hour candles above $6,800, with this potential close marking a similar one to that seen when the crypto broke the resistance at $5,600 last week.
“BTC has been stuck at the $6800 resistance level all week. Would like to see a 4hr close above that level to have any short-term bullishness. Can use the last breakout confirmation around 5600 as a nice example,” he noted.
$BTC has been stuck at the $6800 resistance level all week.
Would like to see a 4hr close above that level to have any short-term bullishness.
Can use the last breakout confirmation around 5600 as a nice example. pic.twitter.com/VhdW402TsJ
— Luke Martin (@VentureCoinist) March 27, 2020
Here’s How High BTC Could “Teleport” if Bulls Break Its Resistance
Cred, another highly respected trader and analyst, echoed Martin’s sentiment in a recent tweet, explaining that although Bitcoin’s daily market structure is bullish, there are still multiple bear-favoring factors.
Furthermore, he also notes that a clean break of the aforementioned weekly resistance could lead Bitcoin to “teleport” towards the upper-$7,000 region.
“BTC: Retesting weekly resistance. Daily market structure is bullish but i) weekly close was bearish; and ii) no daily close above resistance ($6900) yet. My bias is bearish until at least >$6900 (daily) but if resistance breaks a teleport is more likely than a pullback,” he explained.
Retesting weekly resistance.
Daily market structure is bullish but i) weekly close was bearish; and ii) no daily close above resistance ($6900) yet.
My bias is bearish until at least >$6900 (daily) but if resistance breaks a teleport is more likely than a pullback. pic.twitter.com/SGUxo8g6Ux
— Cred (@CryptoCred) March 27, 2020
As Bitcoin approaches its next weekly close in a couple of days, how it trends in the near-term will be critical for determining its mid-term trend.
Featured image from Shutterstock.
