A few weeks ago, the crypto market’s ongoing uptrend first started. It was when altcoins started posting major gains. Their strength still prevails against a backdrop of stability experienced by both Bitcoin and Ethereum. Analysts are expressing their own thoughts regarding Bitcoin as critical weekly close slowly nears.
Since the start of May, Bitcoin has been trading within a macro range between $9,000 and $10,000. However, the cryptocurrency is now about to break out of this consolidation channel.
In one night, buyers were able to drive it as high as $10,200 before meeting some notable selling pressure that eventually brought it back below $10,000.
From this time on, the cryptocurrency has been lingering within the upper-$9,000 regions. Moreover, it seems to appear that it is only a matter of time before buyers attain a strong foothold within the five-figure price region.
On the other hand, as for where analysts believe the cryptocurrency may go next, most of them are anticipating it to experience further upside.
A certain analyst is seeing a movement towards $11,500. However, the way it closes its looming weekly candle will have a significant role. It is important to be able to understand whether this is a realistic possibility or not.
Bitcoin Shows Signs of Strength as Weekly Close Looms; Critical Weekly Close Nears
As of the moment, Bitcoin is trading up at 2% with the current price of $9,950. This is around the price at which Bitcoin has been trading after experiencing an overnight rejection above $10,000.
There has been a selling pressure at these highs being significant. Nonetheless, the buyers have been able to hold against any post-rejection downtrend.
The factors like weekly candle close being near and how it trades in the next couple of hours are important to determine where Bitcoin trends in the coming days and weeks.
A certain analyst is saying in a recent tweet that a weekly close above $9,700 would be certainly positive for Bitcoin’s macro outlook. It is because it would mark a higher-high on the cryptocurrency’s daily chart.
The Path Forward for Bitcoin to Reach $11,500
Suppose that Bitcoin can post a positive weekly candle close, the next target of bulls could certainly be $11,500.
Another analyst talked about this chance, saying that he is thinking Bitcoin will post continuation that leads it up to this price level. He says so despite expecting a small pullback.
The next few hours may prove to be crucial in determining Bitcoin’s macro outlook. It is because as a weekly close above $9,700 could fuel the fire that has been guiding the digital asset higher.