Bitcoin broke through the $11,000 barrier today for the first time since January, hitting a high of $12,500 at one point. It is trading at around $11,071 as of noon EST.
Bitcoin’s Recovery Continues
Following last week’s run that took BTC past the $10,000 mark and saw the digital coin’s value recover by nearly 30% during that span, the price recovery continued today, with BTC now sitting above $11,000 and looking to surge even higher.
Overall, the price actions over the past two weeks have been favorable to Bitcoin investors. It seems that fears over tighter cryptocurrency regulations have been subdued for now, with BTC price going up consistently on a daily basis.
Further gains could be on the horizon for BTC as it has been testing new highs over recent hours. Currently, a major resistance is set at $11,200, and recent price movements are testing this resistance once again before another breakout.
The major support level we should look at is $10,850. This is significant as any drop below this level would greatly increase the chances of BTC heading below $10,000 again.
As for the technicals, the MACD and signal lines are nearing a crossover at the zero line, so a weak bullish signal is present. Volume is also picking up, signifying another big price movement is on its way.
Looking at the Technical Indicators:
- Hourly MACD — A weak bullish signal is present
- Major Support Level — $10,850
- Major Resistance Level — $11,200
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