$11,800 Is the Crucial Bitcoin Level to Be Watching Moving Forward

$11,800 Is the Crucial Bitcoin Level to Be Watching Moving Forward

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.


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