- Bitcoin saw a strong upsurge this morning that allowed it to break above its $11,600 resistance level
- This resistance has been suppressing its price action throughout the past few days and weeks, with bulls being unable to spark any sustainable moves above it
- Where it trends next will likely depend on how sustainable this ongoing move higher is, and whether or not it can lead it to a key resistance
- One trader is now watching for a test of $11,900. He notes that this is a pivotal level that, if broken, could spark a massive uptrend
Bitcoin and the entire crypto market have been caught in the throes of a consolidation phase throughout the past few weeks.
This is rapidly coming to an end, however, as bulls are now attempting to gain control of its near-term price action.
Earlier this morning, BTC saw a sudden bout of buying pressure that sent it surging over $11,600 – which has long been a strong resistance level.
If it takes this level out and holds above it for a sustained period, it could see a further influx of buying pressure that allows it to break $12,000.
One analyst is now noting that $11,900 is the pivotal level he is now watching, as its reaction here could set the tone for the days and weeks ahead.
Bitcoin Rallies Past Key Resistance as Bulls Move to End Consolidation Phase
At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,650. This is around the price at which it has been facing immense selling pressure throughout the past few weeks.
This move higher is quite surprising, as most investors expected either further consolidation or further weakness until after the election.
It is imperative that Bitcoin stabilizes above this level, or else a sharp downside movement could be imminent.
Analyst: $11,900 is the Pivotal Level to Watch in the Near-Term
While speaking about this latest breakout, one analyst explained that $11,900 is the next key level to watch.
He notes that a break above this level would mark a fundamental trend shift that boosts its price in the days and weeks ahead.
“BTC: Bitcoin was able to hold $11,300 and breaking to the upside here to potentially form higher-lows and highs. $11,900 level remains pivotal on the weekly chart. A break and close above this level would signal new weekly highs that we haven’t seen since Jan. 2018 = bullish,” he said.
Image Courtesy of Josh Rager. Source: BTCUSD on TradingView.
The coming few hours should provide investors with significant insight into the longevity and significance of this ongoing upswing.
Featured image from Unsplash. Charts from TradingView.
Credit: Source link