Bitcoin (BTC) Bulls Kick Off Monday With Retest of $11,500

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:06 pm

2 mins read

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Bitcoin price had fallen this morning sharply after a weekend rally to start off the new week. But after a sweep of lows around $11,175 this morning, the first-ever cryptocurrency rocketed higher to retest $11,500 where bulls are now attempting to hold strong.

Here’s what to expect if Bitcoin price can remain above this key level.

Bitcoin Retests $11,500 Following Weekend Above $11,000

Friday afternoon, Bitcoin price took out the key resistance level of $11,000 and spent the weekend trading significantly above.

The leading cryptocurrency could be setting its sights for higher, perhaps a retest of $13,800, if it can keep above this current level and set a higher high above the current 2020 top at $12,400.

BTCUSD 4H Bullish Retest of $11,500 In Progress | Source: TradingView

If Bitcoin is rejected here, however, another retest of support at $10,000 could be next. After seven successful stands by bulls, bears may not let the support level survive if price action returns.

The cryptocurrency has had a return to bullish sentiment following Square’s publicly disclosed purchase of 4709 BTC that rocked the industry last week.

Following the news, the price of the top coin took off and has never turned back.

Featured image from Deposit Photos, Charts from TradingView

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
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Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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