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Why $11.5K Is the ‘Most Important’ Level for Bitcoin, Traders Explain

Published 08/05/2020, 03:00 AM
Updated 08/05/2020, 04:40 AM
Why $11.5K Is the ‘Most Important’ Level for Bitcoin, Traders Explain
BTC/USD
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The price of Bitcoin (BTC) is hovering at $11,300 and is nearing a pivotal technical level, which some traders are arguing makes $11,500 “the most important” level to confirm a new bull cycle for BTC.

If Bitcoin stays above $11,500 then by Aug. 10 it would be the highest weekly close for BTC price since mid-2019. The weekly candle in August 2019 closed slightly above $11,500. In other words, a close above this level would print the best weekly candle since the 2017 bull run.

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