However, many traders fear that this goodish bounce may come to an end soon. Analysts have set their eyes on the $11,200 resistance as the potential area where Bitcoin could come under selling pressure.
Meanwhile, this doesn’t affect the long-term fundamentals of BTC, which many revered commentators believe is positive.
One analyst has pointed out that BTC is currently forming a pattern structurally identical to the crash in March. If history repeats itself, then we could see a significant descent from the $11,200 resistance level.
However, whatever the fate of Bitcoin might be in the near-term, most analysts believe that Bitcoin’s long-term upside bias will remain intact.
Key BTC Levels to Watch
BTC has finally broken above the $11,000 psychological line. However, it appears that the cryptocurrency lacks the momentum to climb higher in the near-term.
Considering the expectations of analysts for BTC in the near-term, we could see a slight reversal to the mid-$10,000 level. This sentiment is further bolstered by the fact that Bitcoin has just entered overbought conditions on our MACD indicator.
However, if Bitcoin manages to record a clean break above $11,200, we could see the benchmark cryptocurrency climb to the $11,650 supply level.
Total market capital: $350.6 billion
Bitcoin market capital: $204 billion
Bitcoin dominance: 58.2%
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