The price of Bitcoin, which has been stuck between 10 thousand – 11 thousand dollars for more than a month, rose above the level of 11 thousand dollars again. $ 11K was seen as a critical resistance for the BTC front. Now it is a matter of curiosity whether the leading coin can hold on to this place.
According to Tony Spilotro’s Bitcoin analysis, the Bitcoin price managed to rise above the critical $ 11,000, with the triangle model observed in the charts breaking and the dollar falling again. The BTC / USD pair is currently trading at $ 11.57.
Bitcoin has tried the $ 11,000 threshold several times, but failed to clear that level. Market experts and analysts have defended the potential of BTC, arguing that it could launch a bullish rally for Bitcoin very soon; They also emphasized that with some on-chain technical indicators such as the record breaking at the hash rate, the $ 11,000 resistance could be cleared soon. Now, eyes have been turned to the bulls’ performance over $ 11,000.
Can This Ascension Be Sustained?
Analyst Spilotro made some comments against whether Bitcoin could stay above $ 11,000 this time. Here are the analyst’s Bitcoin comments:
- Bitcoin had a successful 3 days in the positive zone.
- Yesterday, BTC price experienced an upward break from a triangle pattern formed on the daily charts.
- It was believed that this triangle pattern could herald a decline for BTC.
- But that was to be expected, and the bulls managed to defend the $ 10,000 psychological threshold for 7 consecutive days.
- The potential target of the resulting triangle model has now progressed from $ 11,000 to $ 12,000, near the highest value of the year.
- Looking at the technical measures of the triangle model, the BTC price could rise to $ 11,850 until it meets the next resistance zone.
- If this level of $ 12,000 is raised again, BTC can see $ 13,800 again and even break the $ 20,000 record once again and continue on its way.