Overnight Pump Leads Bitcoin To Gains: Will They Sustain?

The strong recovery for Bitcoin has been crucial lately, especially when it comes to BTC strengthening its position and lowering its volatility lately. After posting strong recoveries from the recent lows of $9,500, it seems like Bitcoin (BTC) is further extending its upwards momentum and now nears the next key price hurdle that could determine in which direction it will trend in the near term. An overnight pump has suggested that a new green wave is here – but will it sustain?

At the time of writing, Bitcoin is trading up by less than 1%. The overnight pump added 2% to the current price of BTC but also took some in the past hour. Bitcoin is now at $10,736 with a $192 billion market cap. As such, the most dominant cryptocurrency is now nearing the next key price hurdle which could determine in which direction it will continue to trade in the near term.

Many best cryptocurrency news sites spoke about the overnight pump and the recovery that followed BTC’s drop to the $9,500 level – after being rejected that $12,000. From all of this, we can conclude that the $11,000 and $12,000 levels are very important and difficult for the dominant cryptocurrency to regain. We saw that bulls were not ready to allow bears to push the cryptocurrency into a new macro downtrend.

As it stands, Bitcoin has a next key hurdle at $11,000. A decisive movement above this price level will likely lead it to climb significantly higher and the next level of resistance is put at $12,000 – an insurmountable level of resistance for Bitcoin over the past few weeks. The overnight pump also made analysts in the Bitcoin and altcoin news to take notes.

One of them is the Cryptomist, a popular Twitter analyst who said:

“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI.”

$Btc

Feel this move may be short lived
Rising wedge on multiple time frames including 3hr RSI

Trade safe loveys pic.twitter.com/IqggXNVRND

— The Cryptomist (@Thecryptomist) August 19, 2019

DonAlt also voiced his opinion in the latest cryptocurrency news and spoke about the overnight pump. As he said, he believes the current price region marks a “do or die” level for BTC which could set the tone for which direction it trends in the coming days and weeks.

“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the charts below.

$BTC update:

Somehow a mixture of well-respected level and chop.
The daily and the 4h are at resistance.
If those break I'd expect another leg up.
It's a bit of a do or die situation.
I very much doubt any supports are going to hold another test. pic.twitter.com/GiMuv8IZv3

— DonAlt (@DonAlt) August 19, 2019