Some analysts remain cautious, despite the rise of Bitcoin to its highest in the past three weeks and want to see key resistance pass at $ 11,200 before the cryptocurrency experiences a "bull awakening".
The largest cryptocurrency by market cap has risen 3.5% over the past 24 hours to over $ 11,000, according to CoinDesk, and the trend lines connecting the highs between September 19 and October 1 and lows on September 8 and September 23. it represents; It confirmed an upside break in a narrowing price range.
Bitcoin is trading at $ 11,050 at the time of writing. This level represents a 6% increase from the lows below $ 10,400 earlier this month and the highest level seen since September 20. While the recovery and range breakout look impressive, chart analysts and traders say $ 11,200 is the level to pass for the bulls.
According to CoinDesk, Stack Funds research head Lennard Neo said, “The break of $ 11,200, the highest level of September 19; “We think it is an important catalyst for further rise,” he said. He added that the price range between $ 10,000 and $ 11,200 could be kept until more clarity is revealed until the US election in November.
On September 19, a four-day downward movement followed Bitcoin's rejection of close to $ 11,200, and levels of $ 10,200 were seen. In other words, the cryptocurrency formed a declining pattern. Therefore, a break above $ 11,200 could be reliable evidence of a break in bullishness, as Neo stated.
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