Bitcoin and the aggregated cryptocurrency market are flashing some mixed signs as BTC hovers beneath the $11,000 region.
Currently, the market is relatively stable, with the hype surrounding the launch of Uniswap’s governance token helping to drive Ethereum’s price towards $380, creating a tailwind for smaller altcoins.
It is important to note that the impasse reached between bulls and bears also comes amidst weakness in the traditional markets, which may spill over into crypto and create a headwind that makes it difficult for Bitcoin to surge higher.
The key price level to watch in the near-term is $11,100, as this has proven to be strong resistance for BTC.
One analyst is now noting that there are a few crucial levels he is closely watching as Bitcoin consolidates, with a continued defense of one key support level potentially sparking a move up towards $11,100.
Bitcoin Shows Signs of Strength in the Face of Stock Market Turbulence
The macro uncertainty surrounding the global economy has sent shockwaves throughout the crypto market, with most of the benchmark indices to begin erasing some of the gains seen throughout the past couple of months.
This macro uncertainty has had impacts on Bitcoin as well, with the crypto once again rekindling its correlation to equities.
Although Bitcoin is stable today, this has no doubt placed some pressure on its price action, which comes as it reaches a pivotal level that bulls are attempting