Bitcoin and the entire cryptocurrency market are trading sideways today. This is the result of the failed attempt to start a stage higher that came about yesterday. During this time, buyers pushed BTC up to $ 11,500. When it reached that level, it was exposed to an influx of selling pressure that caused its price to fall. Analysts note that while the benchmark cryptocurrency is still technically strong right now – but for it to move higher, it may have to break past critical levels.
Bitcoin remains below key resistance overnight after being rejected
At the time of writing, Bitcoin is quoted at $ 11,250. That’s roughly where he’s been moving in the past few hours. The drop to these lows came after the bulls pushed the price up to $ 11,500 yesterday. The selling pressure here was considerable and subsequently brought the price back to the current level. For the cryptocurrency to experience more momentum in the near future, buyers will need to top about $ 11,360. As an analyst notes, that was an important level last week.
This level could catapult BTC upwards
Looking at Bitcoin’s macro trading range, which has been set in the past three years, the cryptocurrency is currently just below its mid-range resistance. Another analyst notes that this is a critical level that, if broken, could lead to a recovery to new highs.