Bitcoin reaches the "Do-Or-Die" level after a night of pumping

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After rebounding sharply from the $ 9,500 recorded recently, Bitcoin (BTC) was able to continue its momentum and approach the next key price hurdle that could determine the direction to take in the short term.

Bitcoin's soaring weekly lows of $ 9,500 indicate that buyers are currently controlling the price action, despite numerous rejections of $ 12,000 over the past two weeks.

Bitcoin climbs to $ 10,700 as bulls continue to weaken

At the time of writing this report, Bitcoin is trading up more than 2% at its current price of $ 10,680, which marks a clear recovery from its recent low of $ 9,500 which was set in April. A capitulation crisis last week.

The recovery that followed the fall of the BTC at this price level was a critical sign that, despite the downward pressure on crypto after being rejected at $ 12,000, the bulls were not ready to allow bears to push cryptocurrency into a new downward trend.

It appears that USD 11,000 is the next major hurdle Bitcoin will face, as a break-through above this price level will likely lead to an increase, with the next level of resistance at USD 12,000 – which proved to be an insurmountable level. of resistance several times in recent weeks.

The cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she was currently bearish on BTC, despite her recent upswing.

"$ BTC: Feel that this move can be short-lived. The increase in deviations on several deadlines, including 3 hours RSI, "she noted.

Analyst: BTC moves closer to "Do-Or-Die" junction

DonAlt, another popular cryptocurrency analyst on Twitter, also shared his thoughts on Bitcoin in a recent tweet, noting that he thought the current price region of crypto was marking a level of "death or death" "for BTC who could set the tone in which direction it evolves. in the coming days and weeks.

"$ BTC update: a respected level mix and hash. The daily and the 4h are in resistance. If they break I'll wait for another boost. It's a bit of a death and death situation. I doubt that all media will organize another test, "he explained with reference to the table below.

While keeping this analysis in mind, it seems essential that Bitcoin continue to climb, otherwise its previously robust support levels in the USD 10,000 region may not be enough to prevent it from falling.

Selected image of Shutterstock.



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