Bitcoin’s Rally Could Accelerate Towards $12,000 if It Breaks Crucial Level

  • Bitcoin’s price has finally broken back above $11,000 after a prolonged period of consolidation around $10,700
  • This move marks an extension of the momentum that was incurred following news of Square’s plan to purchase $50 million worth of BTC.
  • Analysts and investors took this news as a sign that companies are widely beginning to accumulate BTC to hold as a reserve asset
  • As such, it renewed a bullish sentiment and, as can be seen today, helped boost Bitcoin’s technical outlook
  • One analyst is now closely watching Bitcoin’s reaction to one key technical resistance
  • He notes that a break above it could catapult BTC up to $12,000

Bitcoin and the entire cryptocurrency market have been caught within the throes of a consolidation phase throughout the past few weeks.

This has done little to offer insight into where the market will trend next and has struck a heavy blow to investor sentiment.

How To Get Free Crypto  

This is changing, however, as yesterday’s news regarding Square has altered BTC’s trajectory.

One analyst is now noting that $11,150 is a crucial level to closely watch in the near-term. He postulates that a move past this level could be enough to send BTC flying to $12,000.

Bitcoin Pushes Past $11,000 as Selling Pressure Dissipates

At the time of writing, Bitcoin is trading up just under 2% at its current price of $11,090. This marks a massive surge from recent lows of $10,600 that were set just a handful of days ago.

BTC has broken into the lower-$11,000 region in previous weeks, however, each tap of $11,200 has sparked far-reaching corrections.

This time may be different, as fundamental developments are largely backing this movement.

If bulls want to maintain their control over the asset, it is imperative that the break through this resistance and allow it to establish a secure foothold above $11,000.

Analyst: Here’s How High BTC Could Rally if It Breaks $11,150

While sharing his thoughts on Bitcoin’s present technical outlook, one analyst explained that he is closely watching for a break above $11,150. He believes that this will be enough to send it straight towards $12,000.

Coinbase Banner  

“Bitcoin: Very simple, plain analysis. Holding above $10,700 is beneficial for further upwards momentum. The crucial breaker is $11,150. If that breaks, I’ll anticipate an acceleration towards $12,000.”

Image Courtesy of Crypto Michaël. Chart via TradingView.

Altcoins are already beginning to show signs of strength as BTC pushes higher. Where the entire market trends next will depend on Bitcoin’s reaction to this level.

Featured image from Unsplash.
Charts from TradingView.

Go to Source
Author: Cole Petersen

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.