Bitcoin has been volatile with a strong bullish bias. It has recently pushed higher above $10,000 approaching $11,500.
A big bullish weekend is usually followed by a red Monday for bitcoin and crypto markets, but this has yet to materialize. Bitcoin has continued to climb and is now back at its 2019 and 15 months high again. Further gains are likely and if Bitcoin can repeat is previous six month’s performance then $20,000 can be reached within a very short time. It is the third time since breaking the five- figure barrier that BTC has hit this resistance point so a move above it could be on the cards.
Bitcoin’s recent retest above $11,000 has lifted total crypto market capitalization to $333 billion and now Bitcoin commands almost 60 percent of the entire market and is showing no signs of abating. There has been no dip this week as we have seen in previous ones. Daily volume is back over $20 billion and BTC market cap has just hit $200 billion as the train keeps on going cranking another 5 percent on the day.
To conclude, Bitcoin is expected to break above $11,500 area after bouncing off the Kumo cloud support. Though $11,500 is an event area where the price has been rejected several times. However, a break above this level would indicate quicker gains which may lead the price towards $20,000 again in a short period of time. At the current price point, $12,000 and $13,000 levels are going to play a vital resistance role if the price overcomes these levels, the $20,000 target will be much easier to achieve.
SUPPORT: 10000, 10500, 11000
RESISTANCE: 11500, 12000, 13000
The material has been provided by InstaForex Company – www.instaforex.com