The Bitcoin price (BTC) has risen to $ 11,700. After two months of consolidation in a certain area, the price of Bitcoin has finally broken the psychological barrier of 10,000 dollars and is currently over the last hurdle before the bull market starts.

Most of the time, people become optimistic simply by seeing green lights that can be used to find unusual goals on social media. Can this be justified, or is cooling more likely in the short term?

Bitcoin closes its annual CME gap and faces significant resistance
When Bitcoin broke the $ 10,000 barrier, the next major resistance area was the $ 11,500-11,800 area. As BTC was limited in range for two months, the outbreak ended up being very volatile as expected and totaled $ 1,500 after the outbreak finally occurred.

Given that the price of Bitcoin has risen so rapidly in such a short time, it is unlikely that the price of Bitcoin will break through the resistance zone at once.

The resistance zone of 11,500–11,800 dollars is an old and large area on the lists. This level was not only resistance through the summer of 2019, but also resistance during the peak mania in December 2017.

So this is really the last massive level of resistance. If the Bitcoin price breaks through this area, a lot of open space will open up, and we will have a new beef market.

Interestingly, most CME Bitcoin futures are full. However, this is not necessarily complete immediately, as shown today. For example, the graph shows a gap of 11,700 dollars since August 2019, just completed.

What? The chart shows a clear gap in the incomplete range of $ 9,700-10,000. The opportunity to bridge this gap is starting to increase with the current bullish momentum, making a correction to the $ 9800 range more likely every day.

The timesheet shows a clear bullish trend and keeping the bull in the previous resistance range of 11,400 dollars is important for the bulls.

An example can be seen in the previous resistance range. Bitcoin failed to break the $ 11,200 level for several days, but after three tests it was an outbreak. Immediately, the price confirmed the previous resistance area as support level and continued to rise.

A similar approach is needed for the $ 11,400 level. If this level continues to be supported, it is expected to continue around $ 12,000. If the level is lost, an additional correction of around $ 10,800 or less is possible.

The total market value crossed the $ 270 billion critical barrier and immediately supported this level. This aspect of support / resistance was the start of a more significant boom when the total market volume reached $ 350 billion.

However, further continuation is guaranteed? Very unlikely given the huge expansion in the last two weeks. A sensible approach would be to test the previous opposition as a new support to around 285 billion dollars.

The bullish scenario is based on a critical threshold of $ 11,300-11,400 as the axis to keep the price of Bitcoin.

For an upside outburst, it is desirable that the Bitcoin price removes the $ 11,500-11,700 resistance zone and reverses that area of ​​support. As we mentioned earlier, this is the last major obstacle. If the price of Bitcoin breaks the resistance range and penetrates this level, a more bullish momentum can be expected.

The levels to see if Bitcoin breaks this resistance are primarily the following resistance areas, which are between $ 15,000-17,000

However, such a breakthrough is likely to occur after the last expansion? It seems very unwise to enter a resistance zone of this magnitude in one attempt.

The most logical approach is to resume construction on a limited scale, as in previous months. A green space between 9,700-10,000 dollars is crucial.

Source: CoinTelegraph