Bitcoin and the entire crypto markets are experiencing a green Monday, with most major assets trading up a few percent. Today’s price surge has allowed BTC to establish the lower $11,000 region as a level of support and may have contributed to growing technical strength.
Despite this, one prominent analyst is now explaining that he believes Bitcoin has established a near-term top around its current price levels, and that it will likely consolidate for several months before beginning its journey towards the six-figure price region.Bitcoin Climbs to Upper-$11k Region, But Struggles to Climb Above $12k
At the time of writing, Bitcoin is trading up nearly 5% at its current price of $11,855, which is up from its daily lows of $11,200 that were set yesterday.
BTC is currently approaching a level of resistance that has held strong for the past month, as it has tried and failed on multiple occasions to break above $12k. Earlier this month, the crypto briefly tapped $12k before it incurred a significant amount of selling pressure that sent it down to lows of $10,900.
Importantly, in order for bulls to maintain their control in the near-term, Bitcoin must continue climbing higher until it breaks past $12,350, which would allow it to climb higher until it breaks past its recently established highs that exist at $13,800.
Josh Rager, a popular cryptocurrency analyst on Twitter, spoke about the importance of this price level in a recent tweet, saying:“$BTC Update: A nice break above the weekly resistance but the week is far from over and BTC still sits below daily resistance. A break and close above $12,354 on 4hr/1 Day resistance and I’d look for BTC to retest previous highs and will trade the ranges until that happens.” $BTC Update A nice break above the weekly resistance but the week is far from over and BTC still sits below daily resistance A break and close above $12,354 on 4hr/1 Day resistance and I'd look for BTC to retest ...