October 24, 2020

Bitcoin (BTC) Bulls Kick Off Monday With Retest of $11,500

bitcoin btcusd

Bitcoin price had fallen this morning sharply after a weekend rally to start off the new week. But after a sweep of lows around $11,175 this morning, the first-ever cryptocurrency rocketed higher to retest $11,500 where bulls are now attempting to hold strong.

Here’s what to expect if Bitcoin price can remain above this key level.

Bitcoin Retests $11,500 Following Weekend Above $11,000

Friday afternoon, Bitcoin price took out the key resistance level of $11,000 and spent the weekend trading significantly above.

Related Reading | Bizarre Correlation Between Bitcoin Dominance And The Dollar Discovered

The leading cryptocurrency could be setting its sights for higher, perhaps a retest of $13,800, if it can keep above this current level and set a higher high above the current 2020 top at $12,400.

BTCUSD 4H Bullish Retest of $11,500 In Progress | Source: TradingView

If Bitcoin is rejected here, however, another retest of support at $10,000 could be next. After seven successful stands by bulls, bears may not let the support level survive if price action returns.

Related Reading | Crypto Calculated: How Ancient Math Predicts Bitcoin’s Next Top At $270K

The cryptocurrency has had a return to bullish sentiment following Square’s publicly disclosed purchase of 4709 BTC that rocked the industry last week.

Following the news, the price of the top Coin

‘ href=”https://www.newsbtc.com/dictionary/coin/”>coin took off and has never turned back.

Featured image from Deposit Photos, Charts from TradingView