- Bitcoin recovers slightly after weekend dips
- Analysts expect a break over $11,850 to pave the way for more upside gains
- Analysts believe Bitcoin is in a bullish zone
Bitcoin News Today – This past weekend was somewhat tough for Bitcoin (BTC) and the majority of digital currencies on the market. However, the digital currency seems to be recovering at the moment, as it just started a move higher after the slight crash.
At the time of writing this article, the world’s largest digital currency by market cap is changing hands at $11,690, which is an increase of about 3 percent from last week’s low and about 5.5 percent below last week’s high. Analysts are also saying that the digital currency is in no man’s land. The digital currency is well bid over the $11,500 weekly support with its major hurdle at the $12k mark.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Bulls Need to Push Prices over $11,850 to Prevent Heavy Dips
According to a new on-chain analysis by a digital currency data platform, Bitcoin (BTC) is on the verge of turning a crucial level into support. If that happens, the digital currency can start a sharp rally, an increase that could push it over the $12k mark. Nevertheless, the digital currency is not yet in the clear despite the 3 percent increase from its low last week.
Data from a digital currency data site tracking on-chain trends – WhaleMap – shows that $11,850 is an important support zone for BTC. It is a level at which many digital currency whales increased their BTC holdings in the past, indicating it is an on-chain hurdle. Talking about the importance of that level to the price trajectory of Bitcoin in the short-term, WhaleMap said:
“Hourly whale bubbles (still in dev mode) show few more resistances we need to consolidate above. The most major one is at ~$11850. If we clear that – we are above a strong supply zone. Overall, I feel we need to consolidate above ~$11,850 for price to make the second leg on the daily and on-chain shows that it’s somewhat likely due to HODLer profit-taking being bought up.”
Who Is In Charge of Bitcoin’s Price, Bears or Bulls?
Analysts are expecting the price of the digital currency to hit and break over the $11,850 mark because it is a crucial level. However, with the current trend in the market, it is worth asking which group of investors are in charge of the market, bears or bulls.
Analysts believe that the bulls are currently in charge, with Bitcoin bouncing strongly at the $11,400 mark. However, one crypto trader believes otherwise. He said that the $11,400 mark is where a confluence of three technical marks meet, making the bounce of Bitcoin highly significant. The underlying technical strength of the digital currency could pave the way for more gains towards $11,850 and more.