RATE Group | Bitcoin Starts Vertical Rally To $11.5K and $12K: Uptrend Isn’t Over Yet
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Bitcoin Starts Vertical Rally To $11.5K and $12K: Uptrend Isn’t Over Yet

09 Feb Bitcoin Starts Vertical Rally To $11.5K and $12K: Uptrend Isn’t Over Yet

Posted at 05:41h in Bitcoin News by

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Bitcoin gained traction and recently climbed above the $10,000 mark against the US Dollar. BTC price is now in a strong uptrend and it could soon test $11,560 or $12,100.

  • Bitcoin price is showing a lot of positive signs above the $9,500 resistance area.
  • The bulls were able to push the price above $10,000, opening the doors for a larger rally.
  • There was a break above a crucial bearish trend line with resistance near $9,000 on the daily chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher towards the $11,000, $11,560 and $12,100 levels in the near term.

Bitcoin Price Could Soon Test $11,500

This month, bitcoin started a strong upward move above the $9,000 resistance area. Earlier, BTC was able to settle nicely above the $8,800 pivot level and the 100-day simple moving average.

It cleared the path for more gains above the $9,200 and $9,250 resistance levels. More importantly, the bulls were able to push the price the main $9,500-$9,600 resistance…

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