Although the leading crypto currency Bitcoin (BTC) broke the $ 11,750 band yesterday, it fell back to 11,600 levels by experiencing a correction again. BTC was trading at $ 11,604 at the time of writing.
Analyst Bob Mason made statements about the price movements of Bitcoin. At the end of last week, Bitcoin had fallen 2.19%. With this move, BTC reversed an increase of 2.14% compared to the previous week, closing the week at $ 11,663. Although the leading cryptocurrency started the week with a rise, it fell back to the $ 11,600 band. Moving away from its first major support level of $ 11,328, which had declined in the previous week, Bitcoin briefly reviewed the $ 11,700 levels on Sunday before easing. Although BTC made the same price movements yesterday, it fell 1.30% in the last 24 hours.
11,850 Level Matters for Bitcoin
According to Mason, Bitcoin will have to pass the $ 11,848 resistance level to test the first major resistance level of $ 12,305. For Bitcoin to return to $ 12,000 levels, it is imperative to get support from a wider market. In the event of a breakout, Bitcoin could test the second major resistance level at $ 12,948 and $ 13,000.
Following the lead cryptocurrency’s rise above the $ 12,400 level, as traders set aside profits, Bitcoin may need to trade lower before rising again, according to analyst Nathan Batchelor. As is known, the last break above August 2019 rose around 12 thousand 300 dollars. This underscored the strong buy demand for Bitcoin and the bulls’ intention to test the 2019 high at $ 13,800.
As we reported the previous day, analyst Aayush Jindal emphasized the importance of the $ 11,600 level. If Bitcoin stays above the $ 11,650 support, it can bounce back and climb higher. According to Jindal, the initial resistance is at $ 11,800. If BTC can break $ 11,850, the bulls could start testing the $ 12,000 level.