Bitcoin Could Explode Up to $11,400 if Bulls Break One Key Level

Bitcoin Could Explode Up to $11,400 if Bulls Break One Key Level

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  • Bitcoin and the entire cryptocurrency market are pushing higher today, which may be coming about to do strength in the stock market
  • This latest move marks an upwards break of the consolidation phase seen as of late, but it is important to note that it has not led BTC past any key technical levels
  • That being said, a move past the resistance in the lower-$11,000 region could be imminent in the near-term
  • One trader is pointing towards the price region between $11,200 and $11,400, explaining that a visit to this level could be imminent
  • He also notes that a reversal around BTC’s current price could lead it as low as $9,500

Image Courtesy of Crypto Michaēl. Char via TradingView.

He does note that any rejection before this level is reached could be grave, and potentially cause it to see serious downside.
This range existed between ,500 and ,600, coming about as a result of the cryptocurrency’s severe lack of directionality.

Bitcoin Breaks Tight Consolidation Phase as Bulls Attempt to Spark a Rally

That being said, analysts are now noting that upside could be imminent in the days and weeks ahead, potentially helping to lead the crypto up towards ,400 next.
Bitcoin has been consolidating over the past few days and weeks, struggling to gain any momentum as the entire market’s uptrend stalls.
Featured image from Unsplash.
Charts from TradingView.

At the time of writing, Bitcoin is trading up marginally at its current price of ,700.

Here’s How High BTC Could Rally Next if Bulls Stay in Control

“Bitcoin: Regarding this one, still a basic approach. Every level of resistance gets a confirmation, similarly with the current resistance zone (Red block). If that breaks, ,200-11,400. However, reversing here and I target ,500-9,800 as a potential cycle low,” he said.
This lack of momentum has been jarring for investors and traders alike and has struck a serious blow to investor sentiment.

While looking towards Bitcoin’s near-term trend, one analyst observed that the cryptocurrency could soon make a move up towards ,400.

If it is to see further upwards momentum, it is imperative that it breaks above ,000 next.
Although this only marks a slight climb from where it has been trading throughout the past several days and weeks, it is important to note that this seems to mark a bull-favoring break above the upper boundary of the tight trading range seen over the past few days.

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