Bitcoin (BTC) has surpassed its consolidation at the $ 11,000 level as of yesterday, surpassing the $ 12,000 level.
With the rise above this level, the $ 11,700 level became a strong support level for Bitcoin. This level previously served as an important resistance level for BTC.
The new target for analysts was the $ 14,000 level, right after the $ 11,700 resistance level turned into the support level.
Bitcoin and the collective cryptocurrency market has been showing mixed signals especially in recent weeks, and while Ethereum (ETH) and Bitcoin (BTC) continue to be consolidated, the bullish momentum continues.
Bitcoin bulls form the basis of a move exceeding $ 12,000. For this reason, the technical view of the leading crypto currency also looks very bright. The fact that Bitcoin closed the weekly candle above $ 11,700 also had a positive effect on this technical outlook. Because since 2017, BTC could not show a close above this level.
To draw attention to this situation, an analyst shared a chart to highlight the historical significance of the $ 11,700 level for Bitcoin, and said it was the first time to close above $ 11,700 since the madness in 2017.