Bitcoin has broken through the eleven thousand USD level recently. However, it is trading just below 11000 USD and is facing strong resistance at this level.
Numerous analysts, including Josh Rager, the founder of Blockroot, are bullish about BTC subsequent to the recent developments. Rager mentions that the last week’s close above the 9,760 USD level is an optimistic sign. This is because BTC was not able to cross through the ninety-seven hundred USD level for more than a few weeks. The analyst mentioned that Bitcoin needs to close above the 10,500 USD level on the daily chart, in order to instigate a new bull run.
In a new research report, Rob Sluymer, a Fundstrat analyst, mentions:
“We remain positive on the overall precise structure for Bitcoin and do expect it to push through $10,000-$10,500 as part of its longer term bullish technical profile. That region remains a resistance band that Bitcoin will need to break above to signal its next move to resistance at $13,800.”
The analyst said that BTC first needs to cross the strong resistance area of 10,500 USD. Subsequent to that it will increase thirty percent to 13,800 USD. However, at press time, Bitcoin has already crossed the 11000 USD mark once. Only time will tell, the next target BTC is looking to achieve in the short time.
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