- October 10, 2020
- Posted by: admin
- Category: Markets
Despite bitcoin’s rally to three-week highs, some analysts remain cautious and want to see the cryptocurrency topple key resistance at $11,200 before calling a bullish revival.
The biggest cryptocurrency by market value has risen by 3.5% to levels above $11,000 in the past 24 hours, confirming an upside break of a narrowing price range represented by trendlines connecting Sept. 19 and Oct. 1 highs and Sept. 8 and Sept. 23 lows.
Bitcoin is currently trading near $11,050 – up 6% from lows below $10,400 seen earlier this month and the highest level since Sept. 20, according to CoinDesk’s Bitcoin Price Index.
While the recovery and the range breakout looks impressive, chart analysts and traders say $11,200 is now the level to beat for the bulls.