Bitcoin and the aggregated crypto markets have been facing a bout of choppy trading as of late that has led BTC\u2019s price into a key trading range that will likely set the tone for which direction the crypto trends in the coming days and weeks.<\/p>\n
At the same time, it is also important to note that Bitcoin\u2019s fundamentals appear to be building strength, as the cryptocurrency\u2019s hashrate has now reached a fresh all-time-high, which may correlate with positive price action in the immediate future.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just over 1% at its current price<\/a> of $9,670, which is up significantly from its daily lows of $9,400 that were set yesterday.<\/p>\n While zooming out and looking at Bitcoin\u2019s weekly price action, it appears that is has formed a wide trading range between roughly $10,200 and $9,200, with resistance at the former price and support at the latter.<\/p>\n Over a shorter time frame, BTC has been trading between $9,400 and $9,700, which appears to be a critical price range that will likely determine the future of where BTC heads next.<\/p>\n DonAlt, a popular cryptocurrency analyst on Twitter, spoke about the importance of where Bitcoin goes next, noting that he does believe it is more likely that BTC moves higher in the near-future, with an upwards target existing around $10,000.<\/p>\n \u201c$BTC: The current range won’t hold for much longer. Once it breaks, I expect violence. Place your bets & stops carefully and enjoy the ride. I’m personally betting on a break upwards because longs offer better R:R at support but I could see this go either way,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a><\/p>\n The current range won't hold for much longer. I'm personally betting on a break upwards because longs offer better R:R at support but I could see this go either way. pic.twitter.com\/qzLvkAlair<\/a><\/p>\n — DonAlt (@CryptoDonAlt) July 30, 2019<\/a><\/p><\/blockquote>\n\n
Once it breaks, I expect violence.
Place your bets & stops carefully and enjoy the ride.<\/p>\n