• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin price
Nexo

Bitcoin Flipping $11,500 Into Support Could Trigger a Move to $14,000

Nick Chong by Nick Chong
2 years ago
in Bitcoin Price
0
  • Bitcoin experienced a violent rejection at $12,000 on Saturday night. The move resulted in hundreds of millions worth of buy-side liquidations, then millions more on the sell-side on the bounce.
  • Analysts say that for Bitcoin to confirm more upside, it will need to flip $11,500 into support.
  • Unfortunately, it is unlikely that the cryptocurrency will flip $11,500 as the asset trades at $11,175 just hours before the weekly close.
  • Bulls, however, remain in control, as gold continues to press higher into the Monday open.

Bitcoin Needs to Flip $11,500 Into Support to Trigger More Upside

According to a cryptocurrency trader, Bitcoin breaking past and holding above $11,500 will send the asset to $14,000. He shared the chart seen below to back this optimistic assertion.

The chart indicates that as $11,500 has been a pivotal level for BTC over the past two years, BTC turning that zone into support leaves little resistance until $14,000.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Image

Chart of BTC's macro price action with analysis by crypto technician/trader Byzantine General (@Byzgeneral on Twitter). Chart from TradingView.com

Unfortunately for bulls, Bitcoin is unlikely to hold above $11,500 this week as the asset trades over 2% below that level just two hours away from the weekly close.

Vinny Lingham, the chief executive of crypto startup Civic, has shared a bit of a different opinion.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Rather than $11,500, Lingham believes that $12,000 is a pivotal price point for Bitcoin to hold to confirm more upside.

“It was a good call last time. This time it’s likely that Bitcoin holds $12k and consolidates around that level while capital moves into alt coins to test those waters. If $12k holds for a 3-5 days, then we can expect the next phase to be a buildup for a much bigger run…”

It was a good call last time. This time it’s likely that Bitcoin holds $12k and consolidates around that level while capital moves into alt coins to test those waters. If $12k holds for a 3-5 days, then we can expect the next phase to be a buildup for a much bigger run… https://t.co/wQDUnp4rAZ

— Vinny Lingham (@VinnyLingham) August 2, 2020

Bulls Are Still in Control, Analysts Say

Bitcoin may not turn $11,500 into a region of support just yet but analysts say bulls remain in control.

Mike Novogratz, the chief executive of Galaxy Digital and former Goldman Sachs partner, said that Bitcoin will hit $14,000 in the coming months. The investing veteran cited the money printing by central banks, which is boosting the intrinsic value of a scarce asset like BTC.

Dan Tapiero, the co-founder of Gold Bullion International, has corroborated this sentiment. Referencing how a drop in the U.S. dollar against the yen could fuel demand for Bitcoin and gold, he said:

“Crazy chart below suggesting 25% drop in #USD vs Yen. Would be major surprise but consistent with the coming very large #GOLD and #bitcoin upmoves. Would portend several years of 0 US inflation, 0 rates. So much yen strength would require more BoJ stimulus to counterbalance.”

How these narratives transcribe to short-term BTC price action, though, is not clear.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Flipping $11,500 Into Support Could Trigger a Move to $14,000
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin

Bitcoin Drops To $26K As Crypto Sell-Off Continues – Will The Slide Approach $25K?

6 days ago
Bitcoin price

Bitcoin Price Nosedives As Russian Missiles Strike Ukraine’s Cities

3 months ago
Crypto mining

Former Soviet Republic Is Primed For Crypto Mining, Despite Its Burgeoning Power Deficit

3 months ago
European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

European Markets Regulator Urges The EU To Ban Proof-of-Work Bitcoin Mining

4 months ago
Bitcoin mining stocks, a coal mine

Bitcoin Mining Stocks Beat BTC Two-To-One in 2021 ROI

6 months ago
Price, The Bitcoinist Book Club logo

Bitcoinist Book Club: “The Bitcoin Standard” (Chapter 6, Part 1: Price)

10 months ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.