• 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
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
Bitcoin
Advertisement

Why Analysts are Bullish on Bitcoin Despite Close Beneath Key $11,700 Level

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin
0
Advertisement
  • Bitcoin has been flashing some mixed signs to investors as of late
  • Despite seeing intense bullishness throughout the past week as it rallied from the lower-$10,000 region to highs of $12,000, analysts still remain cautious regarding where it may trend next
  • Their present lack of bullishness is rooted in the cryptocurrency’s inability to close its weekly candle above $11,700
  • This is a historically important level that analysts were closely watching over the past couple of days
  • That being said, it has still maintained above its crucial macro support of $10,600 – leading one top trader to remain optimistic

Bitcoin and the aggregated cryptocurrency market are currently in a relatively good position despite the strong selloff seen just two days ago.

BTC has now entered what could ultimately be a consolidation phase within the lower-$11,000 region.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Buyers have been able to lace this region with strong support, as even the heavy selling pressure that came about as a result of the $12,000 rejection wasn’t enough to send it below $11,000.

One analyst is now noting that he believes the crypto remains strong as long as it continues holding above the mid-$10,000 region.

Bitcoin Consolidates Within Lower-$11,000 Region Following Rejection at $12,000 

At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,225. This marks a slight climb from daily lows of $11,000 that were set yesterday as bears attempted to spark a short-term selloff.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The ardent defense of this support from bulls is a positive sign, as it shows that they still have the upper hand over bears.

One analyst explained that the rejection at $12,000 did strike a blow to the benchmark cryptocurrency’s technical structure, however, as it failed to close its weekly candle above the historically important $11,700 level.

The analyst offered the below chart showing the rejection that occurred just above this level.

Bitcoin

Image Courtesy of Teddy. Chart via TradingView.

As seen above, previous rejections at this level – like those seen last summer – had grave implications for the cryptocurrency.

Why Analysts Remain Optimistic that Further Upside is Imminent 

Despite the potential weakness caused by the break below $11,700, another analyst recently explained that high time frame closes above Bitcoin’s weekly support at $10,600 and monthly support between $10,000 and $10,700 place it in a strong position.

“Monthly & weekly closed above resistance. Weekly support $10600, monthly support $10700-$10000. As long as we don’t get HTF closes below looking for buys around those supports & targeting higher is sane.”

If $12,000 does end up marking a local high that is followed by a short-term downtrend, Bitcoin’s reaction to these levels will be imperative for understanding its mid-term outlook.

Featured image from Unsplash.
Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin and crypto this week

Bitcoin And Crypto Face These Key Dates In The Week Ahead

3 hours ago
Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

Bitcoin Hashrate Hits 400 EH/s As Miners Profit From Bull Market

2 days ago
bitcoin Tim draper

Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin

2 days ago
Bitcoin

Bitcoin, Other Cryptos See $360 Million Sold Off In Single Day – Here’s Why

3 days ago
Shuttered Crypto Bitzlato Exchange Allow Users To Get 50% Of BTC Funds

Shuttered Crypto Exchange Bitzlato Opens Withdrawals For Users

4 days ago
Crypto and Bitcoin

Crypto Liquidations Hit $291 Million As Bitcoin Shows Volatility

4 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Tremendous Growth in TMS Network (TMSN), While...

    13 mins ago
  • TMS Network (TMSN) Unveils Innovative Ideas for the Future...

    14 mins ago
  • TRON (TRX) and Tether (USDT) Fail to Impress Investors, TMS...

    14 mins ago
  • Chainlink (LINK) And Cosmos (ATOM) Holders Are Boosting...

    2 hours ago
  • 3 tokens under $5 to skyrocket in 2023, Polygon (MATIC)...

    5 hours 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
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 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.