Bitcoin is rising once again. In the past few hours, the leading cryptocurrency has started testing the highest levels of the year at $ 11,500. And just a few minutes ago, BTC reached $ 11,700 after the purchase pressure entry.
It is unclear whether this rally is sustainable yet: Bitcoin has not yet closed above $ 11,500 for longer term periods such as 4-hour, 12-hour or one-day charts.
Chart of BTC's price action over the past 10 days from TradingView.com
Analysts say that Bitcoin's surpassing $ 11,500 increases the asset's potential to further increase in the coming weeks. This is largely due to the fact that after the $ 20,000 peak in December 2017, $ 11,500 was a major macro level at the beginning of 2018.
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Bitcoin Breaking History $ 11,500 Important
Analysts are steadily rising above $ 11,500 in Bitcoin.
A crypto trader shared The table below on July 31. It shows that BTC's recovery of $ 11,500 or $ 11,463 in a weekly and monthly time frame will leave Bitcoin with little resistance to $ 20,000 all-time high.
“A few hours before a major monthly closing. There are a few days left to close above 11.5k per week. If that's what ATH is needed for sustainable growth, I wouldn't have any problems wandering between the Ear of Corn and between 10k and 11.5k. "
Chart of BTC's macro price action from trader Pierre (@Pierre_crypt0 on Twitter). Chart from Tradingview.com
The $ 11,500 significance for the long-term Bitcoin bull case was echoed by a ryptocurrency graphist. Cartographer stated BTC's more than $ 11,500 per Bitcoin "structural fractal" input from previous bull cycles will lead to a full bull market: c
“This structural fractal and its current level seem to match well with the $ 11.5 thousand with 50% fib fractal I released yesterday. Different graphics techniques that converge at similar price levels give them confidence. What do you think?"
Chart of BTC's macro price action from trader/chartist "Nunya Bizniz" (@pladizow on Twitter). Chart from Tradingview.com
A Sustainable Rally?
Derivative data show that the ongoing high move of Bitcoin is likely sustainable or more than at least $ 10,000, then $ 10,500, then more than $ 11,000 on Monday.
Table of BTC's funding rates across top perpetual swap futures markets. Data shared by Byzantine General (@Byzgeneral on Twitter).
The table above is the funding rates on Bitcoin's leading margin exchanges. Financing rates are currently moving towards 0%, which means buyers are not over-expanding and can push BTC to higher levels.
Related Reading: The Metric On The Chain Signs The BTC Market Is Not Overheating: Why This Bull
Featured Image from Shutterstock Price tags: Charts from TradingVIew.com BTCJust Broke Past $11,500—and That's Huge For Bulls