Bitcoin (BTC) has been trading sideways for the past few days, and its buyers are unable to break the heavy resistance set up under $ 9,000 of the leading crypto asset. In order for Bitcoin to gain momentum in the coming days, there are several basic levels of resistance that need to be overcome.
A crypto asset analyst announced that Bitcoin could be consolidated for the rest of the year before starting the next significant uptrend, and the issue that the leading crypto asset could break these levels soon remains uncertain.
Traded at $ 8,881 at the time of writing, Bitcoin continues to maintain its consolidated level as it has been for several days.
Faced with a rejection of $ 9,200 in recent days, Bitcoin may catalyze a serious disadvantage if it continues to see rejection at these levels. If it breaks the $ 9,200 level, the heavy resistance in front of it appears as $ 9,500.
In a recent statement, Crypto Michaël, one of the crypto market’s famous analysts, talked about the current consolidation phase and shared a chart showing the importance of multiple rejections he saw at the resistance levels ahead.
Stuck in a range and flipping levels, in the meantime.
Will we break $9,100-9,200 and move towards $9,500 or higher? pic.twitter.com/9FaDRnGsbh
— Crypto Michaël (@CryptoMichNL) May 5, 2020
“Bitcoin: Stuck in the specified range. If it breaks the $ 9,100-9,200 level and we will go to the $ 9,500 level? ”