Bitcoin Price Skyrockets Past $11k, But Incurs Some Selling Pressure
At the time of writing, Bitcoin is trading up over 10% at its of $10,830 and is up significantly from 24-hour lows of $9,800.
The past day has been quite a wild one for BTC, as it slowly climbed up towards $9,900 yesterday before quickly incurring a massive influx of buying pressure that allowed it to surge past resistance at the psychologically important $10,000 level. As soon as it broke above $10,000, the buying pressure ramped up and led it significantly higher, as it ran as high as $11,200 before incurring some selling pressure that sent it down to its current prices. Josh Rager, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that $11,700 is a key level that traders should watch in the near-term, as a break above this price would lead it significantly higher.“If you like $BTC at $10k than you’re really going to love when BTC closes above $11,700… And resumes running through every resistance in its path to new all-time highs. Nothing sensational about this just look at the chart. Little will stand in the way besides profit taking,” he explained.//twitter.com/josh_rager/status/73942529
BTC Could Surge Towards $93k in the Near-Future
Assuming Bitcoin’s price is able to break above $11,700 in the near-future, it may continue surging significantly higher before it slows down.Mr. Anderson, a popular cryptocurrency analyst on Twitter, explained that Bitcoin’s previous parabolic cycles point to the possibility that it will surge towards $93k next.
“#BTC Parabolic Cycles show a potential path to $93k. In trading, History doesn’t repeat, but, it does often rhyme & $BTC it has always advanced in one way: PARABOLIC. Let’s take a look at what a true Parabolic cycle from $3100 could look like,” he said while referring to the below charts.
Parabolic Cycles show a potential path to $93k In trading, History doesn't repeat, but, it does often rhyme & it has always advanced in one way: PARABOLIC Let's take a look at what a true Parabolic cycle from $3100 could look like. — Mr. Anderson (@TrueCrypto28)
As the weekend trading session kick off and Bitcoin continues to react to its newfound position within the five-figure price region, traders will likely soon garner greater insight into which direction it will head next.
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