Bitcoin is Now Trading at a “Do or Die” Level as Bears Build Momentum

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Bitcoin witnessed some of the most intense volatility it has seen in months late yesterday evening. After rallying up to highs of $12,000, BTC struggled to surmount the resistance at this level, which ultimately resulted in a sharp price decline that sent it reeling down towards $11,000. It has been finding some strong support at this level throughout the past several hours, but it still remains in a precarious position due to the intensity of this selloff. One technical impact this decline had on the benchmark digital asset is that it pushed it below a crucial long-term level that analysts were hoping BTC would post a weekly close above. In order for its strong mid-term uptrend to continue further in the near-term, buyers need to recapture $11,500. Because of this, the coming several hours will be crucial for understanding where Bitcoin trends in the weeks ahead. At the time of writing, Bitcoin is trading down just over 5% at its current price of $11,150. This marks a slight rebound from recent lows of $11,000 that were tapped on multiple occasions following last night’s decline. This decline came about rather unexpectedly and struck a crushing blow to the overt strength that BTC had been establishing throughout the past few weeks. Whether or not buyers are able to establish $11,000 as a strong base of support will likely be the factor that determines where it trends next. One popular cryptocurrency analyst noted in a recent tweet that $11,530 is now the crucial level that traders need to closely watch. This level has been established throughout the past year as a macro resistance, and the latest decline forced BTC back beneath it. Another popular cryptocurrency analyst echoed the importance of this level, explaining that a weekly close above $11,500 would allow for further upside continuation. In contrast, a break below this could lead to a consolidation period that bodes well for altcoins. How Bitcoin trends in the coming few hours will be vital for understanding its mid-term outlook.


All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/08/02/bitcoin-now-trading-at-do-or-die-level/


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