Bitcoin is pushing higher as it has normally done over past weekends. The price of the leading cryptocurrency currently is above $11,000 — a pivotal resistance level for BTC.
While this is positive for the cryptocurrency in the short term, analysts are still fearful that Bitcoin is subject to a steep retracement.
One analyst commented that BTC breaking below $10,600 on a weekly time frame could trigger one such retracement. $10,600 is important to Bitcoin as prices in that general vicinity have marked three previous tops to medium-term rallies.
Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000
Bitcoin Needs to Hold $10,600 Moving Forward
Bitcoin must hold the $10,600 support on a weekly time frame or risk a retracement under $10,000, then towards $8,000 according to a cryptocurrency trader.
The individual shared the chart seen below on September 18th, which shows that Bitcoin should maintain the support of $10,600 moving forward to maintain its bullish bias:
“No matter how good (or bad) the low timeframes look, the $10.6k area is still one of the most important areas on the chart. This week closes below it? I’ll assume top is in and we’ll trade towards $8k. We close above it? I’ll close shorts and see what happens next.”
Chart of BTC's price action since the setart of 2019 with a range analysis by crypto trader
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