Bitcoin could see a rise above $10,500. All he has to do for that, according to analysts, is to maintain the SMA50 line and $8,800.
As Bitcoin stepped into the $8,000 zone, buyers took the event in hand, prompting an influx of purchases, and BTC again returned to the range it has traded in recent months.
The recent rise above $9,000 set a slight upward trend, with BTC also stepping towards $9,300.
Despite encountering resistance here, analysts believe Bitcoin is building the base for the upswing. The reason is that it went above multiple key levels.
One such level is $8,800. This could help BTC record a new annual peak, according to a popular analyst.
Just below that is another critical level. Bitcoin’S SMA50 level. The buyers have successfully defended the place many times. Details are in our current Bitcoin technical analysis article.
Bitcoin is above critical levels and the Bulls are also in control
Right now Bitcoin is trading at $9,250, with a 2 percent raise. BTC buyers are struggling to get past $9,300. This is also the upper limit of the range it has traded in the past week.
If that level is passed, BTC will likely start targeting the upper part of the $9,000 zone. There is strong resistance in this region, which can be difficult for buyers to get through.
Even so, one analyst notes that Bitcoin still remains in bull territory.
The trader, who uses the name CryptoBirb, notes that BTC’s ability to consistently close above the SMA50 level means the Bulls are still in play.
He explains: “As long as BTC continues to close on SMA50 we will see more bullish sequels under resistance.”
Analyst: BTC will pass $10,500 as it maintains the critical level
Apart from protecting the SMA50, the leading cryptocurrency is also trading above a critical level of horizontal support.
Another analyst, who uses the name Credible Crypto, notes that he is watching the $8,800 level carefully. According to him, if this level is maintained, roads will open for $ 10,500.
He explains: “that’s what you need to see. As long as the price remains above $8,800, this hidden bull revolution will cost moon over $10,500.”
