Bitcoin Flipping $11,500 Into Support Could Trigger a Move to $14,000

  • Bitcoin experienced a violent rejection at $12,000 on Saturday night. The move resulted in hundreds of millions worth of buy-side liquidations, then millions more on the sell-side on the bounce.
  • Analysts say that for Bitcoin to confirm more upside, it will need to flip $11,500 into support.
  • Unfortunately, it is unlikely that the cryptocurrency will flip $11,500 as the asset trades at $11,175 just hours before the weekly close.
  • Bulls, however, remain in control, as gold continues to press higher into the Monday open.

Bitcoin Needs to Flip $11,500 Into Support to Trigger More Upside

According to a cryptocurrency trader, Bitcoin breaking past and holding above $11,500 will send the asset to $14,000. He shared the chart seen below to back this optimistic assertion.

The chart indicates that as $11,500 has been a pivotal level for BTC over the past two years, BTC turning that zone into support leaves little resistance until $14,000.

How To Get Free Crypto  

Chart of BTC's macro price action with analysis by crypto technician/trader Byzantine General (@Byzgeneral on Twitter). Chart from

Unfortunately for bulls, Bitcoin is unlikely to hold above $11,500 this week as the asset trades over 2% below that level just two hours away from the weekly close.

Vinny Lingham, the chief executive of crypto startup Civic, has shared a bit of a different opinion.

Rather than $11,500, Lingham believes that $12,000 is a pivotal price point for Bitcoin to hold to confirm more upside.

“It was a good call last time. This time it’s likely that Bitcoin holds $12k and consolidates around that level while capital moves into alt coins to test those waters. If $12k holds for a 3-5 days, then we can expect the next phase to be a buildup for a much bigger run…”

Bulls Are Still in Control, Analysts Say

Bitcoin may not turn $11,500 into a region of support just yet but analysts say bulls remain in control.

Mike Novogratz, the chief executive of Galaxy Digital and former Goldman Sachs partner, said that Bitcoin will hit $14,000 in the coming months. The investing veteran cited the money printing by central banks, which is boosting the intrinsic value of a scarce asset like BTC.

Coinbase Banner  

Dan Tapiero, the co-founder of Gold Bullion International, has corroborated this sentiment. Referencing how a drop in the U.S. dollar against the yen could fuel demand for Bitcoin and gold, he said:

“Crazy chart below suggesting 25% drop in #USD vs Yen. Would be major surprise but consistent with the coming very large #GOLD and #bitcoin upmoves. Would portend several years of 0 US inflation, 0 rates. So much yen strength would require more BoJ stimulus to counterbalance.”

How these narratives transcribe to short-term BTC price action, though, is not clear.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from
Bitcoin Flipping $11,500 Into Support Could Trigger a Move to $14,000

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.