Bitcoin has been pressing higher over the past 72 hours as the U.S. dollar finally began to lose traction after a relief rally. The leading cryptocurrency currently trades for $11,350, a price far above the weekly lows around $10,400. At the highs seen on Friday evening, BTC traded almost as high as $11,500 — a pivotal resistance level in the near term.
Analysts say that the cryptocurrency still has crucial resistance levels above the current price. One analysis suggests that Bitcoin must confirm $11,850 as support in the near future to corroborate expectations of further upside.
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Crypto data firm Whale Map reports that there is crucial on-chain resistance for BTC at $11,850, where whales acquired a large number of upsent Bitcoin.
Bitcoin is currently sitting above the first important resistance at $11,288 but faces this overhead resistance.