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Many cryptocurrency experts expect BTC to visit the $11,000 mark soon. However, there appears to be a notable resistance on that level, which could disrupt the bullish strength.
Reports show that Bitcoin is facing a significant sell wall at the $11,000 level on Binance and other major cryptocurrency exchanges.
Cryptocurrency analyst, Cole Garner, who specializes in order book analysis has said that there are about 2,800 BTC sell orders worth $30 million on Binance’s BTC/USDT order book, ready to be triggered once Bitcoin hits $11,000.
This has raised concerns over Bitcoin’s ability to clear the $11,000 resistance if it gets there in the near-term. Nonetheless, analysts are confident that it will scale this resistance despite the massive sell wall.
Another analyst has highlighted that gold is set to bounce-off a pivotal support level. This will give the cryptocurrency a further boost considering that BTC also shares a strong correlation with gold.
Key BTC Levels to Watch in the Near-Term
Bitcoin continues to battle against bears as it sets its eyes on $11k and above. Meanwhile, the converging trading range, as seen on our 4-hour chart, is nearing a meeting point. Bitcoin has to clear this level soon before that happens.
Immediate resistance can be spotted at the $10,800 level, followed by $10,900. On the flip side, Bitcoin would have to fall below $10,000 to get a bearish confirmation. Such a bearish move is currently very unlikely and we can expect further price gains soon.
Total Market Cap: $343 billion
Bitcoin Market Cap: $198 billion
BTC Dominance Index: 57.7%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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