Bitcoin has formed a higher low, an indication of an upward move.
Holding between $6,000-$12,000 is important to Bitcoin to achieve the next push towards attaining $100,000.
A few weeks down the line, there are two main arguments: one of them is about the interaction between the support and the /resistance levels as the key factor.
Bitcoin price is still the center stage of attention for the traders since it struggles to cling to the middle-range support zone on the four-hour chart. Cryptocurrency has successfully found a higher low and thus raising the possibility of more attempts in crossing the $100000 mark.
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This stability is important as Bitcoin tries to find its way back into the upper resistance level. Current chart structure is of Intro Consolidation followed by a rally, thus analysts are observing the period keenly. The support and resistance levels in this range are thought to determine Bitcoin’s price movements in the next few days.
Higher Low Signals Optimism
A higher low is usually considered to be a market indication of bullish at the beginning. For Bitcoin, this is especially important because the price of the cryptocurrency has recently been stagnant in a particular range. The price compression that we see with trading around and across support and resistance levels indicates that players in the market are waiting for a clear breakout.
Bitcoin has managed a 1.1% gain and is presently priced at $96,299.35, as estimated by Coingecko. Now traders are waiting to see if the higher low can lead to further upward movement to support the theory of another try to cross $100K.However, the confidence which was projected is still not giving great hope to the market.
The higher low or firm support is a positive, however, we know that bitcoin is anything but stable and has significant price swings. This mid-range support has been violated and failure to hold it will mean that we may be forced to test the lower levels which will in turn halt the bullish run. On the contrary, the continuous price performance above this range can act as a launch pad for yet another attempt at attaining new all-time highs.
The post This Mid-Range Support Could Determine Bitcoin’s Path to $100K appeared first on Crypto News Land.
