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Bitcoin Price Analysis: Weekly Support Sends Market Soaring

Summary

  1. After last week’s test of macro support, bitcoin rallied over $1,000 in just a few days.
  2. At the moment, the market is testing a crucial resistance level at $10,750. This level represents a monthly swing high that is testing the supply of the market. At the moment, the bulls are going in for another strong round of buys and if the market can manage to break the level and find it as support, the bullish market model will be reclaimed.
  3. However, a rejection of this level will likely be highly violent and I would fully expect to see the market shove back down to test the $9,000s.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

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