Yesterday, Bitcoin encountered a significant influx of buying pressure. Because of it, Bitcoin’s price soared up towards $11,000. The upsurge happened minutes after Bitcoin’s weekly close, which was relatively strong.
The strength of this movement was worth noticing. Moreover, BTC did not surrender yet any of its recent gains to sellers.
Bitcoin is imperatively caught within its mid-term range despite the technical strength it currently expresses. This trading range has been formed from $10,200 to $11,200.
One certain analyst is now saying that a move into the $11,000 region is possible as yesterday’s weekly candle close was incredibly bullish.
Throughout the past 12 hours, Bitcoin and the entire crypto market have been able to go higher.
However, the cryptocurrency has not tested its key $11,200 resistance level that preciously has caused multiple firm rejections. Thus where it would trend in the mid-term is yet unknown.
BITCOIN JUST POSTED AN ULTRA-BULLISH WEEKLY CLOSE
As of the moment, Bitcoin is trading up just over 1 percent with the current price of $10,900. It has been consolidating around this price after yesterday’s weekly close.
Bulls have attempted shattering $11,000 two times but they have failed to do so. It is because the resistance here has not been enough to trigger any notable selloffs.
The market’s reaction to a potentially imminent test of $11,200 may largely affect where it trends next. Further upside is possible to happen if this level is broken above.
WHY ONE ANALYST CLAIMS BTC IS POISED TO RALLY FAR PAST $11,000
After Bitcoin’s latest weekly close, analysts are becoming more bullish on the cryptocurrency. One trader is saying he is anticipating further upside.
He said that the recent pullback was just like any other short-term downtrend. And that it is common within the macro bull trends. He further said he anticipates Bitcoin to keep its upward expansion.
The analyst is targeting the $11,000 region next.
Where Bitcoin trends will have serious effects on other digital assets because it is firmly guiding the entire market now.