Bitcoin is ripping higher once again. In the past few hours, the leading cryptocurrency has begun to test the year-to-date highs at $11,500. And just minutes ago, BTC reached a local high of $11,700 after an influx of buying pressure.
It is unclear if this rally is sustainable yet: Bitcoin has yet to close above $11,500 on any longer-term time frames like the 4-hour, 12-hour, or one-day charts.
Chart of BTC’s price action over the past 10 days from TradingView.com
Analysts say that Bitcoin breaking past $11,500 increases the potential for the asset to surge even higher in the weeks ahead. This is largely due to the fact that $11,500 was a pivotal macro level during early 2018 — after the $20,000 peak in December 2017.
Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold Bitcoin, DeFi Still in Vogue Bitcoin Breaking Past $11,500 Is Pivotal
Bitcoin decisively surging above