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After the month-long narrow trend, Bitcoin managed to cross $11000
Numerous reasons contribute to the major push.
Bitcoin Above $11000
Bitcoin after almost a month-long wait broke above $11000 to touch the resistance level formed surrounding $11,119. It gained almost 4.14 percent to reach this level in the past 24 hours. The digital asset has gained almost $500 in just a single day.
The bunch of green candles in the 24-hour chart signifies a massive push with the Bitcoin price that led to the price jump near to $10,850 within a couple of hours.
So what led to the jump?
Of course, it’s the Square Company’s announcement of Bitcoin investment worth $50 million. This assisted bitcoin to get a large push to cross $11000 mark at a pretty good pace. Moreover, the US Dollar declined straight more than 10 days which added an additional leg to Bitcoin and Gold.
Will Bitcoin Sustain or Drop as Before?
Considering the factors that are thought behind the surge, it might have a ‘Plain-Vanilla’ effect. The investment from MicroStratergy which pulled funds more than $425 million from Wall Street, could not alter the Bitcoin price to such a large extent.
Square’s investment is, however, small-scale compared to that of MicroStratergy. On the contrary, the analyst predicts $10500 to be crucial support levels for Bitcoin. For an instance, if Bitcoin breakdown from this support level, then the sentiments would tend to change.
Therefore, Bitcoin must beat $11200 to enter a bullish trend says some analyst.
Collectively, in short term, the analyst predicted that Bitcoin could retest $11000. Bitcoin is expected to swing in between $10500 and $11000 currently but would experience a major breakout above $11000 in the coming months. Moreover, the analyst also feels that Bitcoin could touch $13000 in the long term.