The crypto market’s ongoing uptrend first started a few weeks ago when altcoins began posting major gains. Their strength came about against a backdrop of stability seen by both Bitcoin and Ethereum.
Despite BTC trading within a macro range between $9,000 and $10,000 since the start of May, the cryptocurrency is now vying to break out of this consolidation channel.
Overnight, buyers were able to push it as high as $10,200 before it met some significant selling pressure that forced it back below $10,000.
From this point on, the cryptocurrency has been hovering within the upper-$9,000 region, and it does appear that it is only a matter of time before buyers gain a solid foothold within the five-figure price region.
As for where analysts think the cryptocurrency may go next, most are expecting it to see further upside.
One analyst is eyeing a movement towards $11,500, but how it closes its looming weekly candle will be crucial for understanding if this is a realistic possibility.
Bitcoin Flashes Signs of Strength as Weekly Close Looms
At the time of writing, Bitcoin is trading up over 2% at its current price of $9,950. This is around the price at which the cryptocurrency has been trading at following the overnight rejection above $10,000.
Despite the selling pressure at these highs being significant, buyers have been able to guard against any serious post-rejection downturn.
This is critical as the cryptocurrency’s weekly candle close approaches, and how it trades in the next couple of hours will be crucial to determining where it trends in the days and weeks ahead.
One analyst explained in a recent tweet that a weekly close above $9,700 would be undeniably positive for BTC’s macro outlook, as it would mark a higher-high on the crypto’s daily chart.
He offered the below chart showing the importance of this level:
Image Courtesy of Josh Rager. Chart via TradingView.
Here’s the Path Forward for BTC to Reach $11,500
Assuming that Bitcoin can post a positive weekly candle close, bulls’ next target could be $11,500.
Another analyst spoke about this possibility, explaining that although he expects a small pullback, he does think BTC will post continuation that leads it up to this price level.
“BTC HTF Update: Broken above $10,000 great to see and bulls should be able to ride with momentum from here, all eyes on if we can close the weekly candle above this critical level. Weekly close above and likely we see a small PB but then continuation to around $11,500.”
Image Courtesy of Cactus. Chart via TradingView.
The coming few hours may prove to be critical for determining Bitcoin’s macro outlook, as a weekly close above $9,700 could fan the flames that have been guiding the digital asset higher.