Bitcoin Decisively Shoots To Score $11,000 Despite Recent Plunge

Bitcoin decisively shoots to score $11,000 after facing an intense influx of selling pressure over the past week. Bitcoin was able to recover from the recent losses as it navigates to the $9,000 region as we are reading in the following Bitcoin price news.

The cryptocurrency is showing more signs of strength because of the last rebound seen form the overnight lows. Analysts don’t believe that this recent movement was good enough to invalidate the macro strength and some of them still offer a near-term target to $11,000. In order for this to become a real possibility, it is important that the bulls confirm the monthly open as support. Bitcoin decisively made its way back into the mid $9000 region after the short period of intense weakness as it traded within the lower $9000 region over the day before.

The number one cryptocurrency witnesses an intense influx of selling pressure yesterday and caused it to drop to new lower lows of $9000. This came about together with the selloff seen by the stock market. It is important to see that the buyers are able to post ardent defense of the recent lows and to rebound to the $9500 is quite a good sign. Bulls have to confirm the benchmark cryptocurrency monthly open at the $9400 region as a support level which could send it on its way to reach one traders’ next target of $11,000.

Bitcoin plummeted from the daily high of $10,050 to new lows of $9000 which came close to the heels of the 5% decline seen by most of the major stock indices. It also marked a bearish resolution in the long-held consolidation channel that Bitcoin was caught in around the $9700 region. Bitcoin is now trading just under 3% at a current price of $9,470. Analysts are noting that the rebound saw overnight that could play in favor of the bulls as it could also allow the cryptocurrency to confirm the monthly open at $9400 as a support level:

 “Turn the monthly into support and we can have [bull] dreams again.”

The next high frame price level will be set at $11,000. There is also significant resistance lying between Bitcoin’s price and the high levels as one analyst noted that there’s a strong chance that this is where Bitcoin will go next. He reasoned with the strength needed to propel it up to these highs that will be provided by the consistent closes above the 50-day moving average that it posed:

 “As long as we keep closing days BTC above MA50 I look up to 11k.”