- Bitcoin’s recent bout of consolidation is still ongoing, but bulls appear to be in the process of attempting to break this trend
- The cryptocurrency is currently pushing towards its $11,000 resistance, which is a positive sign that indicates a test of this level may be imminent
- That being said, where it trends in the days and weeks ahead may depend largely on whether or not it can continue holding above some key levels
- One analyst notes that he is expecting October to be a green month for BTC, primarily due to its ability to post a strong monthly close in September
Bitcoin and the entire cryptocurrency market have been caught within a bout of sideways trading throughout the past few days and weeks. Both buyers and sellers have reached an impasse as the crypto remains caught between $10,200 and $11,200.
Where the entire market trends in the mid-term may depend largely on BTC’s reaction to $11,000 – assuming this level is tested in the near-term.
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If it faces another rejection here, this could be a grave sign that indicates significant downside is imminent in the near-term.
That being said, the cryptocurrency may continue to be boosted by the strong monthly close that it posted yesterday.
Bitcoin Pushes Towards $11,000 as Selling Pressure Dissipates
At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,900. This is around the price at which it has been trading throughout the past few hours, with buyers now attempting to garner further support.
Although BTC is pushing up against a slight resistance region already, the key level that needs to be broken in the near-term is $11,200.
This surmounted, this could mark a turning point for Bitcoin that allows it to rally significantly higher in the weeks ahead.
Analyst: BTC’s Monthly Close Bolsters Bull Case
While speaking about yesterday’s monthly and quarterly candle close, one analyst noted that the bull case for Bitcoin is growing.
“BTC: Monthly close looks fine for September (considering it was a down month with 15% pullback). Overall, the structure held & closed above $10,760 with a wick of almost 10% with buyers stepping-in at sub $10k. IMO, expecting a green month for markets in October before election,” he explained.
Image Courtesy of Josh Rager. Chart via TradingView.
This macro close may be contributing to today’s strength.
If Bitcoin can break above the lower-$11,000 region, significantly further upside may be imminent in the near-term.
Featured image from Unsplash. Charts from TradingView.
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