Bitcoin is pushing to take out a level of psychological resistance that has kept the market in a downtrend for almost a year.
Crypto strategist Josh Rager tells his 72,000 Twitter followers that BTC is close to making a move that will have huge bullish implications. However, the bulls have a bit of work left to do.
“BTC breaking above daily resistance. [Bitcoin is] showing no mercy to bears and is on route to try to break above $10,300. Closing above $10,370 would be insanely bullish.”
The crypto analytics platform Santiment says that Bitcoin’s rise in valuation comes as the leading cryptocurrency shows robust yearly on-chain and social fundamentals, although the monthly timeline is a different story.
“On the yearly timeframe, BTC shows a clear rise in DAA, trading volume, and an up-and-down social volume. Though this price could hold and push toward $11,000 and beyond, the shorter term monthly is more of a small decline for these same three metrics since the beginning of May.”
Due to the conflicting data, analysts at Santiment suggest that investors play it by ear and wait to see whether FOMO drives the price higher or profit-taking ensues.
The leading cryptocurrency is trading at $10,097 at time of writing, up 5.80%, after posting a 24-hour high of $10,199.56, according to CoinMarketCap.