Bitcoin is showing positive signs above the $10,800 support level. The asset gained pace to reach a new weekly high at $11,176 and looked well-positioned to trend higher. However, BTC encountered some intense selling pressure in the lower-$11,000 region that proved too much for bulls to break.
The BTC price has now corrected lower to trade at $10,856 during press time. Two major bullish trend lines are forming with support near $10.9K and $10.8K.
BTCUSD Chart by Tradingview
The BTCUSD pair must close above $10,800 to catalyze a considerable upswing above $11,000
The BTC Price Must Hold $10,600
BTC’s recent climb above the pivotal resistance at $11K shows buyers are stepping up and generating some much-needed buying pressure.
The bulls are trying hard to break above $11,200, which is the only significant resistance keeping BTC from retesting $12K.
In today’s earlier sessions, BTC’s buyers did try to push it up above this level but stopped just short of hitting 11,200.
Where the BTC price trends next depends on a few crucial factors. Analyst ‘Crypto Cactus’ projects that flipping $11,200 into support is a vital next step for the coin to see further gains in the near-term.
On the downside, a close below $10,600 on a weekly time frame could trigger a sharp retracement to $8K, according to crypto trader DonAlt.
The analyst shared the chart below, highlighting that BTC bulls maintain the primary support at $10,600 in the near term to keep its bullish bias alive.
“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.”
BTC could face retracement toward $8K by CryptoDonAlt | Source Tradingview
ETH Price struggles to clear $400
Meanwhile, the ETHUSD pair is trading above the $360 support level at its current price of $366. The asset has dropped by nearly 4% from a new weekly high formed earlier today at $395.
Despite failing to break above $400, there is a crucial bullish trend line forming with support near $375. If the asset follows this trend line, it could surge higher above $400 in the coming sessions.
ETHUSD chart by Tradingview