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Bitcoin (BTC) Finally Reclaims $11,000 After Weeks of Consolidation

Bitcoin (BTC), the top-ranked digital currency has finally found success in reclaiming its past resistance level of $11,000 after consolidating for a longer period of time. The price value of Bitcoin is trading in the green zone now.

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For over the course of the past month, the price value of the largest cryptocurrency in the world by market capitalization has been residing in the zone ranging from $10,000 – $11,000. The leading digital currency Bitcoin has made several attempts for breaking out of this zone to reclaim its psychological level of $11,000. But every time when its price value came nearer to this level it got rejected. For once, the coin even went down as low as to reach $10,300 as well. However, this time the top-ranked cryptocurrency was able to reclaim $11,000.

Currently, the price value of Bitcoin (BTC) is trading at $11,063.11 USD with a positive change rate of 1.67% in 24 hours, at the time of writing. This shows that the current sentiment for Bitcoin in the market is bullish at the moment. BTC bulls are firmly holding the coin in the bullish territory. However, we have to see whether this bullish behavior can take Bitcoin up further towards its yearly high.

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The next resistance for Bitcoin lies at $11,500. As soon as this resistance is broken, the coin will move forward towards retesting its next major resistance that stands at $12,000. Some cryptocurrency analysts in the community believe that the first-ranked digital currency can only initiate a potential bullish rally toward its all-time high if it succeeds in breaking above $12k resistance. However, one crypto analyst recently said while giving a price prediction for Bitcoin that the coin may reach $20,000 by the end of this year if it can break above $14,000. This was the short-term price prediction for BTC given by the cryptocurrency analyst. In the case, Bitcoin faces a price drop in the short-term trend, then there is strong support at $10,800 for Bitcoin.

Where the price of Bitcoin has reclaimed $11,000, the hash rate of the Bitcoin (BTC) network has also skyrocketed to hit a new all-time high.

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MubaShar Nawaz

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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