The price of Bitcoin (BTC) has surpassed $11,600 for the first time in 12 months buoyed by rising market sentiment. As BTC/USD demonstrates strong momentum, investors believe there is little resistance until $15,000.
Cryptocurrency market daily snapshot. Source: Coin360
Bitcoin rose to as high as $11,763 on BitMEX in a sudden weekend price move. It also “filled” the CME futures gap at around $11,630, which typically does not happen during the weekend.
Little resistance between $12,000 and $15,000
Meanwhile, Kyle Davis, the co-founder of Three Arrows Capital, suggests that the weekend price action has not even started. He notes that there is less resistance between $12,000 and $15,000. Davis said:
“What’s crazy is the weekend move hasn’t even started yet. How much resistance is there at $12-15k?”
The weekly chart of Bitcoin shows that historically, there is a lack of price action between $12,000 and $15,000. The last time BTC surpassed $11,600 was in mid-2019 when