Bitcoin is flashing a tremendous sign of strength as its price rises to its annual high of $ 11,400. This comes as Ethereum and many other major altcoins generate technical strength.
This ongoing bullish trend is due to large purchasing pressure inflows, which helped to reduce the resistance established in the $ 11,000 mid-region.
Analysts believe this can mark the start of the next leg, which can send BTC to $ 12,000 or beyond.
If BTC exceeds $ 11,400, $ 12,000 This potential bullish could destroy altcoins, according to a reputable fund manager who claims that a move towards is possible.
Since Ethereum has provided Bitcoin with some guidance in recent weeks, ETH may be immune to any downtrend caused by BTC.
Bitcoin Flashing Power Marks While Analysts Watch Moving To $ 12,000
At the time of writing, Bitcoin is trading above 2% at its current price of $ 11,350. This marks a remarkable increase of the lowest daily $ 10,800, set yesterday evening, when the month is trying to override BTC's bullish trend.
The strong support the bulls could build around these low levels helped absorb the selling pressure and later allowed the crypto to accumulate higher.
Currently, buyers are pressuring against the key resistance in the mid $ 11,000 region, which can be difficult to tackle in the near term.
One of the factors that might have consequences for Bitcoin is the huge flow of buy orders, which makes this last push higher.
Talking about it, an analyst presented a chart It shows that BTC broke the bull flag.
"Bitcoin 4 hours – A new leg is flirting up," he explained in a recent tweet.
Image Courtesy of Big Cheds. Chart via TradingView.
If this resistance breaks down, BTC will likely enter the area below $ 12,000 before encountering another influx of sales pressure slowing its bullish.
BTC's Next Rally Can Crush Altcoins – Damage Fund Manager
Talking about Bitcoin's short-term outlook, a respected fund manager explained He believes that a BTC move of more than $ 11,400 is close.
He thinks this will likely send the comparative digital asset to $ 12,000 and this next leg will deal a major blow to altcoins.
“If the BTC resistance breaks at $ 11.4K, you'll never get $ 12K; We're going over. In the short term, it will remove the wind from the realms again. "
As monthly candle closure approaches, it should provide valuable information about how the crypto currency is trading in the coming hours and where it will be in the coming weeks.
Featured image from Unsplash. Charts from TradingView.