Bitcoin price surges to $11,400, the most important breakout for years

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Despite recent unfavorable developments for the cryptocurrency industry, now Bitcoin price is currently driven by the bulls. At the time of writing, Bitcoin is trading at $11,370 with a gain of 4.53% in just one day. On the weekly chart, BTC records a profit of 7.62%. On the monthly chart, Bitcoin has the third-largest gain in the top 10 with 11.22%, behind Cardano (16.41%) and Binance Coin (17.72%).
Analysts have explained many reasons to explain Bitcoin’s recent price rally.
Monitor BXRekt on Twitter recorded a liquidation of a short position on BitMEX futures market worth $5,759,373 at a Bitcoin price of 11,429 which may have stopped Bitcoin from even rallying further. So the futures market may continue to have an impact.
Sorout also said Bitcoin’s price recent performance is driven by the announcement of Square’s $50 million BTC purchase. The company led by Jack Dorsey made the purchase public two days ago. Immediately after that, the price of Bitcoin rose by over $300. Renowned analyst Willy Woo shared Sorout’s thesis and gave similar reasons for the bullish trend.
This is consistent with the latest report from senior commodity strategist for Bloomberg Intelligence, Mike McGlone. In the report, Bitcoin McGlone presented two bullish indicators for Bitcoin: adoption and supply reduction.
Along with the report, Glassnode data indicates that Bitcoin’s fundamentals are at an all-time high. The hash rate, is at an ATH of 170 Exahash. This shows a 40% increase since May when Bitcoin went through its third halving.
On the other hand, trader GalaxyBTC said that the most recent breakout above $11,000 is one of the most important in the crypto market. Moreover, he said that BTC managed to hold for the longest period in its history above $10,000. Galaxy thinks that the $14,000 mark will become the new resistance for Bitcoin in the long term. He said: “This probably the most important breakout & restest in the crypto space for years. 10k for $BTC held several times. I am expecting 14k as the next high timeframe challenge.”
In the short and medium-term, the technical analyst, Credible Crypto, set his own target price. After BTC managed to hold the support level at $10,500 and move up to $11,179, the next target price is $12,134.
The optimistic mood appears to have returned with more momentum. The fundamentals, predictions and narrative all point to a possible upward movement that could take Bitcoin to a year high. More bullish traders, like Crypto Bitlord, think that this breakout will take Bitcoin to a new all-time high: “You don’t need to think (You just need to $LONG). This breakout will take us to ATH. Welcome to the generational PUMP BTC.”

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