The price value of Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is trading just below the $11,000. During the past few days, the king cryptocurrency has made several attempts to break through this level but it could not do so. Bitcoin is facing a huge resistance here and this resistance is restricting the coin from making new higher highs. Last time, when the coin tested this level, the price went down to the $10,300 area. Now, the major cryptocurrency is once again ready to retest this price zone.
Bitcoin Eyes at $11,000
Bitcoin’s price is struggling to break above the historic resistance of $11,000. Currently, the price value of BTC is trading at $10,948 at the time of writing. This means that the coin has once again come closer to its past resistance area where it will try to retest it. It is crucial for Bitcoin to break this resistance for setting a bullish mid-term trend.
However, if the top-ranked cryptocurrency fails to break above this level it could face a major downside. This downside will have its influences on the rest of the cryptocurrency market as well.
A cryptocurrency analyst believes that there is likely a chance that the major cryptocurrency could go down below the $10,000 mark before it can rally higher. The analyst said that if Bitcoin’s price plunges down the coin will look for strong support. And according to the analyst, that support lies at $9700. The crypto analyst said that the crucial support level to watch for the near-term outlook is $9.7k. The analyst predicted:
“The 11.1k [resistance] matters, but this is just ltf. If $9,700 were to break then yes, it’ll get interesting, but I don’t suspect bitcoin to tank at the moment. Just a choppy month across every market.”
Bulls need to take a charge and help the top-ranked digital currency to surpass the past resistance level and continue its movement in the upward direction to make higher highs.