- Bitcoinâ€™s recent stability below $11,000 appears to be translating into technical strength, as the cryptocurrency is now beginning to push higher
- Whether or not bulls can extend their momentum and break above the resistance zone between $11,000 and $11,300 remains to be seen
- That being said, analysts are growing bullish on BTC, partially because it could post an ardent response to a key support level that was visited earlier today.
- Analysts are now noting that where it trends next will likely depend primarily on how it reacts to the selling pressure just above its current price
Bitcoin is currently expressing some signs of strength as bulls attempt to break above the intense selling pressure that has previously been found within the lower-$11,000 region.
For bulls to extend BTCâ€™s momentum and lead it back up towards the $12,000 region, they must shatter the resistance between $11,000 and $11,300.
One analyst is even noting that a break above this region could be all that is needed to propel BTC up to $12,000.
BITCOIN NAVIGATES TOWARDS KEY $11,000 RESISTANCE AS BULLS BUILD MOMENTUM
At the time of writing, Bitcoin is trading up just under 1% at its current price of $11,000. This marks a notable rebound from daily lows of $10,750 that were tapped around this time yesterday.
This price action has certainly been somewhat tame, and bulls have not yet catalyzed any massive push higher.
That being said, once the resistance between $11,000 and $11,300 is surmounted, it should be clear skies ahead for the cryptocurrency until it reaches the lower-$12,000 region.
This current technical strength seen by Bitcoin comes after it incurred a slow grind higher that led it from lows of $9,900 back up to its current price.
ANALYST: BTC COULD SOON PUSH TO $12,000 AFTER DEFENDING KEY SUPPORT
One bullish technical development over the past 24 hours is the ardent reaction to the $10,750 support level that was visited around this time yesterday.
After tapping this level, BTC instantly saw a swift rebound that led it up towards where it is presently trading at.
One analyst believes this is bullish and indicates upside could be imminent.
â€œThe $10,750 area held and weâ€™re targeting the range high here again. Crucial breaker for bullish continuation is $11,100-11,300. If that breaks, weâ€™ll head towards $12,000,â€ he said while pointing to the below chart.
Image Courtesy of Crypto Michael. Chart via TradingView.
Because of the marketâ€™s present consolidation phase, where Bitcoin trends in the near-term should have some far-reaching implications for altcoins.
Featured image from Unsplash. Charts from TradingView.
Source : bitcoinist.com