$11,800 Is the Crucial Bitcoin Level to Be Watching Moving Forward

Bitcoin has been pressing higher over the past 72 hours as the U.S. dollar finally began to lose traction after a relief rally. The leading cryptocurrency currently trades for $11,350, a price far above the weekly lows around $10,400. At the highs seen on Friday evening, BTC traded almost as high as $11,500 — a pivotal resistance level in the near term.

Analysts say that the cryptocurrency still has crucial resistance levels above the current price. One analysis suggests that Bitcoin must confirm $11,850 as support in the near future to corroborate expectations of further upside.

How To Get Free Crypto  
Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

Bitcoin Should Clear $11,850 In the Near Future

Crypto data firm Whale Map reports that there is crucial on-chain resistance for BTC at $11,850, where whales acquired a large number of upsent Bitcoin.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

Bitcoin is currently sitting above the first important resistance at $11,288 but faces this overhead resistance.

For BTC to confirm its ongoing trend, it should retake and retest both $11,288 and $11,857 in the coming days. Bitcoin doing so could allow it to surge above the summer highs set around $12,500 in the middle of August.

Chart of BTC's price action since the end of July with on-chain unspent BTC analysis by crypto data firm Whalemap (@Whale_Map on Twitter).
Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase

Sell-Side Liquidity Crisis to Send BTC Higher

Analysts think that trends in Bitcoin’s sell-side liquidity could drive prices higher over time. The head of technical analysis at Blockfyre, a crypto research firm, recently stated on BTC’s potential to move higher due to suppliers purchasing coins on the open market:

“A few thought on BTC here: 1. The float is being absorbed 2. The suppliers who introduced supply could be caught off sides and need to pick inventory back up 3. Each subsequent company will have to buy from a lower supply pool. We need a HH on 1D to confirm. Conditions are there,” he said.

Another analyst noted with eleven publicly-traded funds and companies owning 11% of the supply of BTC, a sell-side liquidity crisis could take place where an increasing number of buyers will dramatically push Bitcoin higher.

Coinbase Banner  

Just this past week, leading fintech company Square purchased $50 million worth of Bitcoin with 1% of the assets on its balance sheet. Many saw this as a validation of the cryptocurrency space while others saw this as a clear accentuation of BTC’s scarcity.

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase
Photo by Shawn Ang on Unsplash
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
$11,800 Is the Crucial Bitcoin Level to Be Watching Moving Forward

Go to Source
Author: Nick Chong

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.