The trader, who is the head of technical analysis at crypto research firm Blockfyre, commented on the matter:
“Here we are. If Stonks are bearish this is where the rally ends. Election in 2 months. Risk off is a real potential outcome. Have you managed your risk accordingly?”
The same analyst shared a chart that also shows that Bitcoin is at a pivotal resistance zone, even after the ongoing rally.
For the cryptocurrency to confirm that it is on bullish footing, it will need to push above the current region and retake the $11,000 support.
Some traders are maintaining their bullish sentiment despite some uncertainty about price action.
Referring to the chart below, crypto trader and Blockroots founder Josh Rager commented that Bitcoin closing above $10,000 on a weekly time frame suggests a bullish bias can be held:
“$BTC Weekly Close. Bitcoin closed above the $9940 to $10,173 level and held for the second week in a row. I want to see Bitcoin reclaim $11,900 and close above to be bullish. Until then, I remain neutral (leaning bullish) and will continue to trade altcoins at this time.”
There are also fundamental factors that are set to drive BTC higher, including ongoing monetary stimulus and fiscal stimulus.
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