Bitcoin managed to break an important mark yesterday. Bitcoin was trading at $11,023 with a sideways movement (-0.01%). In the last week, it has recorded a 6% gain. Thus, its current price puts BTC at the same level as it was at the beginning of the month. Analysts have predicted a bullish sentiment over the past few days, highlighting the 11,100 level Bitcoin will have to break soon to resume the bulls. According to analyst and trader Josh Rager, the Bitcoin price is close to its old support level of $11,100 before the market collapse at the end of August which now turned into resistance. This level is the new target that Bitcoin must break before exploring new highs seems possible.
Rager expects Bitcoin to break the local resistance level at $11,100 and then climb to $11,200 and approach $12,000. This level has been the strongest resistance Bitcoin has seen during the year. The analyst thinks that breaking this level could take Bitcoin to the $14,000 mark and then to new all-time highs.
Moreover, Rager stated that a return to levels below $10,500 could make Bitcoin continue to fall toward $9,000. Once there, Bitcoin could again explore the price set by the futures gap on the Chicago Mercantile Exchange (CME), located at $9,600. The analyst said that the price tends to fill these gaps in 90% of the cases. Rager added: “When we go above $11,100, $11,245 (…) that will decide whether (the price of Bitcoin) will be bullish or bearish overall.”
Analyst Michael Van De Poppe known as Crypto Michaël agrees with Rager. He stated that the continuation of the upward trend for the price of Bitcoin will largely depend on its ability to overcome the resistance in the $11,100 to $11,300 range. The analyst expects that a rise above this range will push Bitcoin back towards $12,000.
The trader Teddy commented that the price of Bitcoin will become bullish again after passing $11,000. Byzantine General has stated that it is impossible to make him feel bearish about the price of Bitcoin. Additionally, the analyst claims that the performance of Ethereum and the growth of the DeFi sector have been important for the performance of the ecosystem today. Byzantine General said that “the entire market is being carried by ETH”.
While the launch of the governance token of the Uniswap protocol, UNI, has caused a stir in the crypto sphere, so have the statements of MicroStrategy CEO Michael Saylor. While revealing details of the strategy on how the Wall Street company gained 21,454 BTC, he said that Bitcoin meets the requirements to be a store of value. Data analysis firm Messari stated about MicroStrategy’s strategy: “Only time will tell if history looks back on this move as a brilliant strategic decision or a massive corporate mistake. In the short term, a big win is scored for Bitcoin’s digital gold investment thesis.”