Bitcoin and most altcoins have been incurring tremendous volatility as of late, which has been primarily driven by BTC’s extended period of consolidation in the lower five-figure price region, where it has been trading at for the past month.
Now, one prominent analyst is noting that many altcoins that have faced severe technical damage from their recent drop may experience a relief rally in the near-term, as long as Bitcoin is able to hold steady around its current price levels.
Bitcoin Faces Strong Selling Pressure, But Holds Above Support at $11,000
At the time of writing, Bitcoin is trading down roughly 1% at its current price of $11,600, which is up slightly from its 24-hour lows of roughly $11,100.
BTC’s ability to hold above the $11,000 level is certainly positive news for the cryptocurrency’s bulls, as it signals that there is some buying pressure around its current price levels that is preventing it from plummeting towards $10,000, which remains a key psychological price level that must be held above in the near term.