Bitcoin’s price action has been somewhat stagnant as of late, with the selling pressure found throughout the lower-$11,000 region proving to be too much for bulls to break.
Today, however, buyers have been stepping up and attempting to generate some significant buying pressure, likely with the aim of breaking above $11,300. Because this is the last resistance level before $12,000, a break above it could catalyze a considerable upswing.
That being said, how BTC trends as its weekly candle close fast approaches should provide analysts and investors alike with some serious insights into its near-term outlook.
One analyst explained that flipping $11,200 into support is an imperative next step for BTC to see further gains in the near-term.
He does note that it will not be easy for bulls to achieve this, but it is vital to maintain BTC’s macro bullishness.
Because of the slight strength it has expressed throughout the past few days, there’s a possibility that a test of this level is imminent.
Bitcoin Pushes Past $11,000 But Still Faces Heightened Selling Pressure
At the time of writing, Bitcoin is trading up just over 1% at its current price of $11,080. This is around the price at which it has been trading at all morning, with bulls and bears largely reaching an impasse.
It is important to note that BTC’s buyers did try to push it up to $11,200 earlier today, but it was stopped