Bitcoin price had fallen this morning sharply after a weekend rally to start off the new week. But after a sweep of lows around $11,175 this morning, the first-ever cryptocurrency rocketed higher to retest $11,500 where bulls are now attempting to hold strong.
Here’s what to expect if Bitcoin price can remain above this key level.
Bitcoin Retests $11,500 Following Weekend Above $11,000
Friday afternoon, Bitcoin price took out the key resistance level of $11,000 and spent the weekend trading significantly above.
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The leading cryptocurrency could be setting its sights for higher, perhaps a retest of $13,800, if it can keep above this current level and set a higher high above the current 2020 top at $12,400.
BTCUSD 4H Bullish Retest of $11,500 In Progress | Source: TradingView
If Bitcoin is rejected here, however, another retest of support at $10,000 could be next. After seven successful stands by bulls, bears may not let the support level survive if price action returns.
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The cryptocurrency has had a return to bullish sentiment following Square’s publicly disclosed purchase of 4709 BTC that rocked the industry last week.
Following the news, the price of the top coin took off and has never turned back.
Featured image from Deposit Photos, Charts from TradingView