- Bitcoin has seen quite the shaky price action over the past two weeks.
- After the coin hit $12,000 earlier this month, bearish price action has pressured the asset lower.
- The bearish price action has somewhat been caused by downward action in legacy markets.
- While Bitcoin’s correction has marked a 20% drop from the highs, analysts remain optimistic.
- One trader is leaning bullish on BTC because it managed to hold above the $10,000 support on a weekly time frame.
- For Bitcoin to confirm that it remains in a macro bull trend, the coin should cross above $11,900, that trader said.
- There are a number of trends suggesting that BTC’s uptrend will soon resume.
Bitcoin Needs to Close Above This Level to Resume Uptrend
Bitcoin managed to hold the pivotal $10,000 support level into the weekly close as noted by Blockroots co-founder Josh Rager.
The crypto trader and commentator shared the chart below, showing that the coin managed to achieve this technical accomplishment at the weekly close on Sunday evening.
While he noted that this is making him cautiously bullish, he is not yet convinced that Bitcoin remains in a full-blown bull trend.
For him to assert that Bitcoin is truly in a bull trend, the coin needs to reclaim and close above $11,900 on a weekly scale. The cryptocurrency has printed a number of wicks above that level over the past year and has not managed to claim that level since the 2017-2018 bull market top:
“$BTC Weekly Close. Bitcoin closed above the $9940 to $10,173 level and held for the second week in a row. I want to see Bitcoin reclaim $11,900 and close above to be bullish. Until then, I remain neutral (leaning bullish) and will continue to trade altcoins at this time.”
Chart of BTC's price action over the past one and a half years ith analysis by crypto trader and Blockroots co-founder Josh Rager (@Josh_Rager on Twitter). Chart from TradingView.com
Will Push Higher Due to Number of Trends
Analysts are optimistic Bitcoin can press higher in the near term due to a number of fundamental and technical trends.
One technical trader who predicted 2018’s bottom recently commented on Bitcoin’s near-term price outlook, referencing the $11,000s as a target for Bitcoin to move towards:
“looks to me like a lower timeframe ascending triangle breakout on $btc. technically i feel we have to be bullish again here. macro picture i’m unsure of now, just trading what im dealt.”
There are also fundamental trends, such as the ongoing monetary stimulus and political uncertainty, primed to drive BTC higher.
Photo by Isaac Garcia on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com This Weekly Level Will Be Pivotal For Bitcoin Moving Forward