Bitcoin’s bulls are currently expressing extreme strength as they hold the crypto above the key $10,000 level, and it now appears that BTC is gearing up for its next major movement that could send it significantly higher.
It is important to note that this bullishness has led BTC to be just a hair away from a key resistance level that could soon be broken above, with a decisive movement above this level opening the gates for some considerably large gains.
Bitcoin Begins Pushing Higher After Short Bout of Consolidation
The past couple of days have been rocky for Bitcoin, with BTC racing to $10,200 this weekend before diving towards $9,700, before once again rocketing up to its current price levels.
BTC’s bulls, however, have been able to prevail as the victors of this turbulence, suggesting that the crypto could see significantly further upwards momentum.
At the time of writing, Bitcoin is trading up just over 5% at its current price of $10,375, which marks a notable climb from daily lows of $9,800 that were set just prior to the run past $10,000.
Ever since BTC broke above the key five-figure price region yesterday, it has been consolidating around $10,300, with the current upswing signaling that it could be on the cusp of seeing another intense rally.
In spite of this, it is important to note that Teddy, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that BTC could still see a notable correction while technically remaining in a bull market, only with a drop below roughly $7,400 invalidating its market structure.
“BTC: The break of an upchannel in a bull market is still “bullish” as long as no new lows are marked. It’s just a correction of the greater trend, it does so by marking a higher low before creating a new upchannel. People take profit and enter back lower,” he explained.
#BITCOIN | $BTC
The break of an upchannel in a bull market is still "bullish" as long as no new lows are marked.
It's just a correction of the greater trend, it does so by marking a higher low before creating a new upchannel.
People take profit and enter back lower pic.twitter.com/VHIgX2REeE
— TEDDY (₿) (@TeddyCleps) February 12, 2020
If BTC Closes Above $10,500 it is “Clear Skies” Until $12,000
TraderXO, another prominent crypto analyst, explained in a recent tweet that Bitcoin is on the cusp of smashing through a key resistance level that could open the gates for a sharp move to $12,000.
“BTC – HTF S/R Levels. At key resistance atm – would like to see the swing high taken out. Will be looking to TP on a portion of my spot holding and re-enter lower – its been quite the trend up. Close the daily above 10.5s – probs see another leg to the range highs,” he explained.
$BTC – HTF S/R Levels
At key resistance atm – would like to see the swing high taken out.Will be looking to TP on a portion of my spot holding and re-enter lower – its been quite the trend up.
Close the daily above 10.5s – probs see another leg to the range highs pic.twitter.com/amiVBZdmQ7
— TraderXO (@TraderX0X0) February 12, 2020
Because bulls are showing no signs of any underlying weakness at the moment, it does appear to be likely that the markets see further upside before there is any type of notable correction.
Featured image from Shutterstock.