The price of Bitcoin has surpassed $11,600 for the first time in 12 months buoyed by rising market sentiment.
Bitcoin rose to as high as $11,763 on BitMEX in a sudden weekend price move.
"What's crazy is the weekend move hasn't even started yet. How much resistance is there at $12-15k?". The weekly chart of Bitcoin shows that historically, there is a lack of price action between $12,000 and $15,000.
The daily chart of Bitcoin with a major resistance level.
Also worth noting is that the price of Bitcoin soared to an all-time high in 2017 within two weeks after hitting $11,600.
According to Michael van de Poppe, the market structure of Bitcoin would remain compelling if it holds $11,400.
At the same time, data from Skew shows less than $20 million worth of futures contracts were liquidated on this Bitcoin uptick.
If the Bitcoin futures market is less heated, it leads to a more stable and fundamentally strong bull cycle, which some prominent analysts argue is now starting.
At a higher time frame, a pseudonymous trader known as "Rookie" said the monthly candles of Bitcoin and Ethereum mark a bullish trend.
In the near-term, the biggest obstacle of Bitcoin is whether it can defend the major $11,400 level as a support area.
Bitcoin Hits $11.6K for First Time in a Year as Traders Expect $15K
Published on Aug 1, 2020
by Cointele | Published on Coinage
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