Bitcoin (BTCUSD) Changes Direction to the Upside

Bitcoin (BTCUSD) Price Forecast: July 11

Today, the Bitcoin market shifts direction to the upside, capturing the attention of crypto enthusiasts with its new high at $111,620, marking a promising performance. The crypto has the potential for a bullish continuation pattern to reach its $120k as the coin remains in an ascending channel, making higher highs and higher lows towards the upper resistance level. Nevertheless, if buy traders work harder at their trading, the supply level of $112,000 may not hold, and it might be exposed to another resistance level of $120,000, bolstering buyers for high recovery.

Key Levels:
Resistance Levels: $110,000, $111,000, $112,000
Support Levels: $76,000, $75,000, $74,000

BTC (USD) Long-term Trend: Bullish (Daily Chart)

The BTCUSD pair changes direction to the upside as the bulls remain dominant in the long-term outlook.

The coin price is trending above the moving averages with huge demand from the bulls pushing ahead. Thus, the bulls are in control of the recent market.

The sustained bulls’ pressure to the $111,282 high mark in the last session has enabled the crypto’s price to initiate another uptrend above the supply trend levels in its recent high.

Earlier today, the Bitcoin price reached an all-time high of $111,620, surpassing the EMA-50, amid renewed optimism among cryptocurrency holders.

As a result, a potential breakthrough from the supply above would quicken the buying impulse and raise prices to the resistance level of $112,000.

Hence, the BTCUSD uptrend may continue and the emergence of more buyers to pump ahead is likely, as indicated by the stochastic signal pointing up.

This will accelerate the emergence of the bulls to push the coin price to as high as $120,000 in the days ahead as the crypto initiates another uptrend in the higher time frame.

BTC (USD) Medium-term Trend: Bullish (4H Chart)

The high inflow from the investors also caused the BTCUSD price to change direction to the upside in its medium-term outlook.
The previous bullish trend at the $109,085 value has sustained the crypto’s price above the supply levels in recent times.

The Bitcoin price demonstrates investors’ strength as it changes direction to the upside at $111,439 mark as the 4-hourly chart resumes today, suggesting an intraday gain for coin holders.

Further bearish sentiment will be put on hold if the bull’s performance continues and bullish momentum is maintained above the $112,152 resistance.

Notably, the daily stochastic continues to go upward. Therefore, market participants may begin another uptrend to reach the $120,000 high mark in the coming days in its medium-term time frame if the buy traders break over the prior supply trend line.

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