BTC remains stuck at $10,800 as the price was stagnant over the past few weeks and months with the buyers and sellers being unable to gain control over the near-term outlook as we are reading more in the bitcoin news today.
The cryptocurrency is now pushing up to the $10,800 level which proves to be a heavy resistance level over the past few days and weeks. If this continues holding strong as a resistance level, whether or not it will be broke above it will offer insight into the Bitcoin near-term outlook. A firm break above the level could open the gates for the cryptocurrency to start a move up to the $11,000. How the benchmark cryptocurrency reacts to the selling pressure will determine the mid-term trend. Bitcoin and the rest of the market had a hard time gaining sustainable momentum in either direction over the past few weeks and months.
The analysts are now noting that where the market trends will depend on how the cryptocurrency will react to key levels. $10,800 is the first resistance level that has to be broken above with the region of $11,000 and $11,200 being the next zone that the buyers have to surpass. One trader noted that Bitcoin is stuck beneath the 200-day EMA which is a trend line that will define the level which was to be recaptured in the near-term. At the time of writing, Bitcoin was trading marginally at a current price of $10,730 which is around the same time where it was trading over the past day.
Whether or not the bulls and bears will step up and take control of the near-term outlook should really depend on how it will respond to a test of the level. if surpassed, the next price region to watch is between $11,000 and $11,200. One level that has proven to be a trend-defining one, is the 200-day moving average. Sustained bouts of the trading above or below the level contributed to assets such as Bitcoin to see multi-year trends.
Right now, BTC remains stuck at $10,800 and one analyst noted that it will take a break above this level which is imperative for the near-term outlook of the cryptocurrency:
“Bitcoin’s only enemy is the 200ema – resistance of cloud. Let’s break above please, I miss the smell of financial freedom.”
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