At that point, BTC encountered significant selling pressure, which slowed the rise and caused the coin to fall back into the upper $ 9,000 range. Although he has not yet firmly established himself in the five-digit price range, his technical prospects are still incredibly good. Analysts now think USD 11,500 is a high timeframe target – provided the bulls can hold the cryptocurrency above a crucial support level before the weekly candle closes later in the day.
Bitcoin recovers over $ 10,000 before declining firmly
Overnight, Bitcoin’s moderate momentum of recent days reached a boiling point, with the price skyrocketing towards $ 10,200 before being exposed to a massive influx of selling pressure. From then on, BTC dropped to a low of $ 9,800, but has been rising ever since. At the time of writing, Bitcoin is traded for $ 10,200. A well-known cryptocurrency analyst believes that a weekly candle that closes above $ 9,760 would continue to give Bitcoin’s technical outlook a serious boost.
How high can bitcoin rise now?
Assuming Bitcoin can hold above $ 10,200, it could soon rise to $ 11,500. An analyst writes on Twitter about this goal, stating that a strong breakout of resistance at $ 10,100 could be enough to spark a move to that level.
“BTC: Carefully bullish. The blue box should be a buy if there should be a rewind … A strong breakout leads to 11.5K as the first major resistance. ”