The price of Bitcoin has formed some notable stability in the time after it experienced an intense rally past $11,000 yesterday. Throughout the past 12 hours, Bitcoin consolidates around $11K.
Moreover, the cryptocurrency has not yet retraced after going through this amazing movement. However, it seems to appear to be having some resistance above its current price levels.
According to analysts, Bitcoin is now establishing the $11,000 level as support, which is definitely a highly bullish sign.
One notable trader who predicted this latest movement is now saying that Bitcoin could be in a good position to rally up towards $18K in the near-term.
Bitcoin and ETH Leads the Market
Following the intense volatility experienced yesterday, Bitcoin and the whole cryptocurrency market is now cooling off.
ETH and Bitcoin have both been strongly leading the market. It caused many altcoins to shed an important amount of their value as investors prefer the quality.
However, through the night, the benchmark cryptocurrency’s uptrend eventually stalled. It allowed altcoins to regain some of their losses.
On the other hand, analysts are saying that Bitcoin could be in a position that would experience further near-term upside.
One trader is now saying that the classic breakout and retest it has opened the doors for further upside. That trader is also the one who predicted this latest movement quite some time ago. Moreover, he even believes this could drive Bitcoin as high as $18K in the mid-term.
After the Latest Movement, Bitcoin Consolidates Around $11K
As of the moment, Bitcoin is trading down marginally at the current price, $11,020. It has been consolidating around this price throughout the past twelve hours.
Bitcoin bulls broke all the resistance that previously existed at this level during yesterday’s violent push higher.
It seems that they are trying to build this as a firm base of support.
A certain analyst said in a recent tweet that the last movable barrier before Bitcoin sets significantly higher highs is the region from $11,200 to $11,700.
This Analyst Now Believes $18,000 is in the Cards
In talking about how this recent volatility has changed Bitcoin’s macro market structure, one analyst shared a positive perception.
The trader said that Bitcoin’s clean breakout and retest of support has opened the doors for another impulse higher.