Bitcoin and the entire cryptocurrency market have entered a consolidation phase in the last few weeks.
It doesn’t give much of a clue as to where the market will go and has dealt a blow to investor sentiment. That is changing, however, as yesterday’s news about Square changed BTC’s trajectory.
Now one analyst notes that $ 11,150 is a critical level requiring close monitoring in the short term. He postulated that exceeding this level could be enough to send BTC on flights of up to $ 12,000.
At the time of writing, Bitcoin is trading just under 2% with a current price of $ 11,090. This is a huge jump from the recent lows of $ 10,600 set a few days ago.
BTC has slumped into the region $ 11,000 lower in recent weeks, but every touch of $ 11,200 makes for a lengthy adjustment. This time may be different as fundamental events largely support this movement. If the bulls are to maintain control over assets, it is imperative that they break this resistance and let it create a safe hold above $ 11,000.