Here is which price level is especially important for Bitcoin at the moment

LONDON, ENGLAND – OCTOBER 23: A visual representation of the digital Cryptocurrency, Bitcoin on October 23, 2017 in London, England. Cryptocurrencies including Bitcoin, Ethereum, and Lightcoin have seen unprecedented growth in 2017, despite remaining extremely volatile. While digital currencies across the board have divided opinion between financial institutions, and now have a market cap of around 175 Billion USD, the crypto sector coninues to grow, as it sees wider mainstreem adoption. (Photo by Dan Kitwood/Getty Images)

After falling to about $ 8,800 this Wednesday, Bitcoin made a good recovery to $ 9,200.

While it is too early for many people to say that the flagship cryptocurrency is in a bullish market, one analyst says that if it breaks at a significant level, we will see a rise to $ 11,000.

While Bitcoin bounced back about 5% from the bottom for the week, the cryptocurrency remains below the key level of $ 9,500. 

According to a popular analyst, if Bitcoin manages to capture this level of the daily time frame, it will confirm a further rise.

“Bitcoin has found support for the daily time frame and maintains its upward trend. The red block [on the graph] is key for me, if we reject it it will confirm the distribution above the top from March and I expect much lower values. If we take the red block, I expect a retreat to $ 11k. ”

Technical and fundamental factors suggest that Bitcoin may remain at $ 9,500, according to a number of analysts.

Mike McGlone recently identified three fundamental trends that indicate that Bitcoin will soon be trading above $ 10,000.

The trends are as follows:

1 – The number of active Bitcoin addresses is increasing.

2 – There is a record open interest rate on CME Bitcoin futures.

3 – Assets managed by Grayscale have reached record levels.

Copy link