Bitcoin sees 200 days of gains; Here is the key level it needs to maintain

• Bitcoin has been in a macro uptrend for the past 200 days, starting when the cryptocurrency plunged to lows of $ 3,800 in mid-March.
• Since then, it has rallied, seeing multiple stages of consolidation and even some strong sales
• However, this trend led to a rally to the post-2017 high of $ 16,400 set last night.
• The cryptocurrency is now consolidating just below these highs as the bulls aim to lead it to see further upside in the near term
• A trader is noticing that as long as the cryptocurrency stays above $ 11,000, it is in a macro bullish trend.

Bitcoin has witnessed one of the strongest and most sustainable moves it has seen in centuries, with the benchmark cryptocurrency on the rise as analysts look further to the upside.

This strength shows no sign of hesitation, as buyers aggressively absorbed each drop.

While sharing his thoughts on where the cryptocurrency could evolve in the short term, one trader explained that although he expects a rally, Bitcoin could technically remain in a bull market as long as it holds $ 11,000.

As such, there is some room to dive into the short term, which could mean there will soon be a retracement before it can extend its momentum.

Bitcoin continues to push higher as the bulls smash $ 16,000

At the time of writing, Bitcoin is trading lower at its current price of $ 16,200. While this marks a strong recovery from its recent lows of $ 14,800 set just a few days ago, it marks a slight retracement from its overnight high of $ 16,500.

The next trend in cryptocurrencies will likely depend on the next weekly close of the candle.

If this candle closes above $ 16,000, there is a strong possibility that a further significant upside is imminent.

BTC is approaching 200 days of gains as the uptrend persists

An analyst observed that Bitcoin has been in an uptrend for nearly 200 days.

As long as BTC holds above $ 11,000, its trend still favors the bulls considerably.

“BTC bullish post for continued engagement, you ask? Sure. 200 days of continued bullish action on Renko are approaching. 4 times longer than our last cycle up to $ 14,000. It also means anything up to $ 11,000 is making us. keep snorting on the bull train. Opportunity ahead. “

Image Courtesy of Cold Blooded Shiller. Source: BTCUSD on TradingView.

The next few days should shed some light on whether or not Bitcoin will see a sharp retracement before it rises to new all-time highs.

Featured image from Unsplash.
Charts from TradingView.