Bitcoin Could Push to Fresh Yearly Highs if Buyers Defend One Key Level

Following an extended period of consolidation within the upper-$8,000 region, Bitcoin has finally garnered enough momentum to surmount its resistance at $9,200 This movement has opened the gates for significantly further upside, as it took out a major liquidity region and has yet to face any type of harsh rejection One analyst is explaining that […]
Following an extended period of consolidation within the upper-$8,000 region, Bitcoin has finally garnered enough momentum to surmount its resistance at $9,200 This movement has opened the gates for significantly further upside, as it took out a major liquidity region and has yet to face any type of harsh rejection One analyst is explaining that […]
  • Following an extended period of consolidation within the upper-$8,000 region, Bitcoin has finally garnered enough momentum to surmount its resistance at $9,200
  • This movement has opened the gates for significantly further upside, as it took out a major liquidity region and has yet to face any type of harsh rejection
  • One analyst is explaining that a continued defense of $9,200 is all that BTC now needs to make a bid at the $10,000 region

Bitcoin’s intense bout of sideways trading has now resulted in a bull-favoring price movement up towards the mid-$9,000 region. This has bolstered BTC from a technical standpoint, as the multiple rejections it had previously faced at $9,200 were tipping the scales in favor of sellers.

It now appears that the benchmark cryptocurrency could be on the cusp of seeing further gains.

One popular options trader is claiming that $9,225 is the key level Bitcoin needs to hold above throughout the day ahead.

He notes that a continued hold above this level opens the gates for an upside movement to $10,000, potentially allowing BTC to set fresh yearly highs.

Bitcoin Breaks Consolidation Range as Analysts Point to Growing Technical Strength 

At the time of writing, Bitcoin is trading up just under 4% at its current price of $9,250, marking a notable climb from daily lows of roughly $8,700 that were set yesterday.

The price region that BTC is currently trading within had proven to be a strong resistance level for the cryptocurrency throughout the past several days, as it had faced roughly four firm rejections at $9,200 over a short one-week period.

It now appears that this has become a key level that bulls need to defend, as a drop below it could invalidate the possibility that Bitcoin makes a bid at $10,000 next.

This possibility was mused in a recent tweet from a pseudonymous options trader, who explained that $9,225 is the key level that he is closely watching.

“BTC update: I remain bullish as long as green box holds. Daily close above 9224.5 and I target 10K. Simple,” he explained.

Bitcoin
Image Courtesy of Chase_NL

If the crypto does navigate into the five-figure price region in the near-term, this would mark a nearly full erasure of all the losses that came about since it began its downtrend in late-February.

Analyst: BTC Uptrend Bolstered by Stacked Buy Orders

This ongoing uptrend may prove to be more sustainable than those seen in days past.

One analyst is explaining that not only has BTC yet to face any sort of hard rejection during this upswing, but its buy-side of its orderbook still remains stacked with orders.

“A bunch of liquidity just got taken, but no hard rejection. Bid side of the books still stacked. OI goes up w price. I think we take out the top of the range,” he said, referencing BTC’s range highs at $9,500.

Image Courtesy of Byzantine General
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