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Home Cryptocurrency news Bitcoin

Bitcoin Could “Teleport” Higher if It‘s Able to Surmount This Key Level

Cole Petersen by Cole Petersen
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin
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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.

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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.

$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. 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.
Tags: bitcoinbtcusdcrypto
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Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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