As bitcoin price continues to buck the traditional January blues and inch ever upwards, increasingly bullish sentiment is returning. Popular analyst, Josh Rager, tweeted that “price should stay above $10,100 on its way to new ATH.”
That may seem a little premature, as we are still just a shade under $9k at the time of press. But according to Rager, it is all about the importance of the Point of Control (POC).
Point of Control Acts As Bitcoin Price Support
The Point of Control (POC) is quite simply defined as the bitcoin price level with the highest traded volume for a certain time period.
Consider the period from November 2017 to November 2018, which covered bitcoin’s current all-time high (ATH) price, along with the majority of the rally which took it there, and the breakdown which followed.
The POC for this period was $6,400.