Bitcoin shows some signs of strength after consolidating between $9,100 ad $9,300. Its price now rallies past $9,400.
This ongoing uptrend is an aftermath of the cryptocurrency losing its momentum and trading volume because of the uptrends experienced by many altcoins.
This recent upsurge may change the crypto’s trend temporarily. However, one top trader is saying that he is going to short Bitcoin’s high time frame resistance at $9,500.
Bitcoin’s open interest all over major platforms has also been climbing higher. It could certainly uphold the next trend.
Bitcoin is currently showing some marks of life. It broke out of its long-held trading range and starts trying the resistance levels that were previously established. This is the first noteworthy movement Bitcoin has seen in over a week. However, it has not had any effect on its macro trend.
Unless Bitcoin breaks below $9,000 or above $10,000, it still remains stuck within the long-held treading range that has been directing its price action over the past few months.
A certain analyst said he is still expecting significantly further downside although Bitcoin may trend higher in the short-term.
Bitcoin Shows Signs of Strength; What Analysts Expect Next
As of the moment, Bitcoin is trading up roughly 3% with the current price, $9,400.
This upsurge has not changed the Bitcoin’s macro trend of being stuck in a consolidation channel. Nonetheless, it marked an end to its incredibly narrow trading range between $9,100 and $9,300.
The essential levels that must be broken in order to form a clear mid-term trend are $9,000 and 10,000.
It is not impossible that Bitcoin will soon go beyond the lower boundary of this range.
Earlier this week, one notable trader forecasted this movement. He said in a tweet that Bitcoin would likely surge to between $9,350 and $9,500 before dropping off its momentum.
He further said that he would be adding to his long-term short positions throughout this rally.
Bitcoin’s Open Interest Soars Higher
Bitcoin’s climbing open interest is the trend that could regulate the next big movement.
While referring to this trend, one analyst said that he expects Bitcoin to start “steamrolling” in one direction once its macro range is broken.
How Bitcoin responds to its recent upswing may decide which side its mid-term trend will eventually prefer.