Over the past few days, Bitcoin and the crypto market in general have seen some mixed price movements. While some major coins are showing signs of weakness, smaller market cap altcoins on the other hand continue to witness bullish price action. Though BTC recently made a slight pull back, it is now showing some signs of strength as it holds above a crucial support level.
Analysts are of the view that BTC’s near-term price action will likely be the primary factor that determines how altcoins trend in the coming sessions. One trader believes that the ability of the flagship crypto to hold above this crucial level could be enough to cause an uptrend in the entire crypto market.
He noted that 11,500 is a key level to watch in the coming sessions. This trader claimed holding above this level could provide smaller altcoins with massive momentum and potentially further extend their intense momentum in the near term.
On the other hand, the chart he posted showed that a break below this crucial level could trigger a massive decline in the BTC price. He predicted that BTC could drop to as low as $9,900 in the coming days and weeks.
At press time, BTC is trading up marginally at its current price of $11,570. The BTC price has been consolidating around this figure ever since the bulls defended against a break below $11,500. Though the price briefly dropped to lows of $11,400 overnight, it was ardently defended by the bulls.
The bears’ inability to successfully break the price below the $11,500 levels shows that the lower-$11,000 zone is a strong support level for BTC. This may be an indication for further near-term uptrend in the BTC price. Moreover, BTC is currently trading above its previous support at $11,500. Buyers’ ability to reclaim this level suggests that BTC is poised for further upsides soon.