After facing some instability in the lower-$9,000 region, Bitcoin (BTC) and the aggregated crypto markets have now been able to climb higher, which signals that the market’s bulls are still in firm control.
Now, analysts are offering Bitcoin bears a grave warning, as a break above $11,700 would likely send BTC into a full upwards swing that could lead it back towards its previously established all-time-highs, which will be fueled by a combination of bullish sentiment and greed.
Bitcoin Climbs to Over $9,300 as Buying Pressure Ramps Up
At the time of writing, Bitcoin is trading up over 2% at its current price of $9,340, up from daily lows of $9,130.
Over the past week, BTC has faced some resistance around its current price levels, but its latest move upwards seems to confirm that the crypto’s bulls are once again ready to begin pushing its price significantly higher.
Assuming that Bitcoin begins forming a fresh upwards in the near-term, it is highly probable that its next strong level of resistance exists at or around $10,000, as this is an important psychological price level that, if broken above, could mark the start of a full-fledged bull market.
Additionally, a sustainable price movement into the five figures would also likely garner BTC increased coverage from the mainstream media, which could lead investors who are currently waiting on the sidelines to jump into the markets, fanning the flames that leads the crypto back towards its all-time-highs.
Cantering Clark, a popular cryptocurrency analyst on Twitter, spoke about Bitcoin in a recent tweet, noting that he believes it is currently forming a technical set up similar to ones seen in the past several weeks that have resulted in bullish momentum.
“Do I think it is this simple, yes. Until the most recent level fails this pattern is setting up to be the same as it was before,” he said while referencing the below chart.
https://twitter.com/CanteringClark/status/1141716560035360769
Analyst: $11,700 a Critical Level That Will Lead to Mass FOMO
If the next leg upwards does send BTC to the five-figure price region, it will be important that it breaks above $11,700, which would likely send it skyrocketing higher.
Josh Rager, a popular crypto analyst on Twitter, spoke about the importance of this price level in a recent tweet, saying:
“$BTC – Where must Bitcoin cross to thrust price to new highs? That level is close above $11,700. Minimal resistance between $14k to $16k won’t be enough to stop BTC. Bullish sentiment & greed will propel price action to new highs & accumulating under $11,700 will be key, imo.”
https://twitter.com/Josh_Rager/status/1141733645641760769
As the week wraps up and the crypto markets head into a weekend trading session, it is likely that the world will soon know whether or not the recent series of upwards legs is truly the beginning of Bitcoin’s ascent back to, and above, its all-time-highs.
Featured image from Shutterstock.
