THELOGICALINDIAN - Bitcoin Holding Above 11500 Into the Weekly Close Will Be Pivotal
A cryptocurrency artisan acclaimed on August 9th that Bitcoin closing $11,500 back the account candle closes today will be cardinal for the balderdash case. “11500 is a aloft account level. If it closes today aloft that, again what achievement do bears still have?” The analyst said.
Corroborating his optimism, he acicular to how BTC interacted with that specific akin in 2024. For context, the cryptocurrency was alone abundantly at that akin on two abstracted occasions in mid-2024, arch to the buck bazaar to $6,400.
Bitcoin managing to abutting aloft $11,500 would beggarly that it has set a new college aerial on a abiding scale, catastrophe the macro declivity that is still technically intact.
He isn’t the aboriginal analyst to accept assigned such accent to $11,500.
As reported by Bitcoinist previously, one banker said that $11,500 is actually the “most important akin for Bitcoin” ever. Like the above analyst, the banker articular how Bitcoin has ahead interacted with the cardinal accumbent region.
Will It Happen?
Analysts are optimistic that Bitcoin will authority $11,500 into the account abutting in about bristles hours as of this article’s publishing.
Ki Young Ju, the arch controlling of CryptoQuant, remarked on August 9th that on-chain abstracts is currently suggesting Bitcoin is in a accumulation to move higher. He acclaimed that per his company’s data, there is a abbreviating cardinal of BTC actuality beatific to exchanges, suggesting investors apprehend the asset to anon rally.
With altcoins rallying, analysts accept appropriate that Bitcoin may access a slight atom bid as profits from these investments aeon into BTC.
