Bitcoin (BTC) price exceeded $ 11,600 for the first time in 12 months, driven by higher market sentiment. Since BTC / USD is showing strong momentum, investors believe that there is almost no resistance of up to $ 15,000.
Bitcoin rose to $ 11,763 in BitMEX due to the sudden rise in prices over the weekend. It also “offset” the futures gap on the Chicago Stock Exchange around $ 11,630, which is not usually the case on weekends.
Minimal resistance between $ 12,000 and $ 15,000
Meanwhile, Kyle Davis, co-founder of Three Arrows Capital, believes that this weekend's pricing campaign hasn't even started. Note that the resistance is between $ 12,000 and $ 15,000 less. Davis said:
“The crazy thing is that the weekend has not started yet. How much resistance does it have for 12-15,000 dollars?”
Bitcoin weekly chart shows that there was a history of a price movement decrease between $ 12,000 and $ 15,000. BTC surpassed another $ 11,600 in mid-2019, when it rose to a multi-year high of $ 14,000 before surrendering.
It is worth noting that the price of bitcoin rose to its highest level in 2017 after two weeks of reaching the $ 11,600 mark.
According to Michael van de Pop, the structure of the Bitcoin market will remain convincing if he has $ 11,400. Stability above $ 11400 will indicate that it has become a support level. Van de Pop says:
Yes, it broke $ 11,200 and reversed support -> $ 11,500-11,700 and the CME gap was closed. Note to one side; EUR / USD corrects. I think gold, silver and BTC will do the same. The critical threshold? Includes 11,400 dollars. ”
What is the rise of bitcoin?
Meanwhile, Skew data shows that futures contracts valued at less than $ 20 million were liquidated due to this rise in Bitcoin. When the price movement of BTC is driven by the futures market, it often results in higher settlement levels.
Low liquidity in the derivatives market indicates that the spot market and options are likely to stimulate growth. If the bitcoin futures market is less hot, it will lead to a fundamentally more stable and bullish bullish cycle, which some prominent analysts claim is now beginning.
Later, a trader with a pseudonym known as “The Newbie” said that the monthly Bitcoin and Ethereum candles are in an uptrend. The merger of the favorable overall market structure and the neutral futures market can support BTC's momentum. The therapist said:
The monthly BTC and ETH candles are almost closed at the highest point of the month. Not the highest week. It is bullish.
In the short term, Bitcoin's biggest hurdle is whether it can defend the large $ 11,400 level as a support zone. Traders tend to stay positive when BTC starts going out and outperforming alternative digital currencies.