Bitcoin price had fallen this morning sharply after a weekend rally to start off the new week. But after a sweep of lows around $11,175 this morning, the first-ever cryptocurrency rocketed higher to retest $11,500 where bulls are now attempting to hold strong.
Here’s what to expect if Bitcoin price can remain above this key level.
Bitcoin Retests $11,500 Following Weekend Above $11,000
Friday afternoon, Bitcoin price took out the key resistance level of $11,000 and spent the weekend trading significantly above.
Related Reading | Bizarre Correlation Between Bitcoin Dominance And The Dollar Discovered
The leading cryptocurrency could be setting its sights for higher, perhaps a retest of $13,800, if it can keep above this current level and set a higher high above the current 2020 top at $12,400.
BTCUSD 4H Bullish Retest of $11,500 In Progress | Source: TradingView
If Bitcoin is rejected here, however, another retest of support at $10,000 could be next. After seven successful stands by bulls, bears may not let the support level survive if price action returns.
Related Reading | Crypto Calculated: How Ancient Math Predicts Bitcoin’s Next Top At $270K
The cryptocurrency has had a return to bullish sentiment following Square’s publicly disclosed purchase of 4709 BTC that rocked the industry last week.