Bitcoin (BTC) has reached its two months high by surging above $10,000 earlier on Sunday, July 26, 2020. The price of Bitcoin climbed as high as $10,135 on Sunday morning recording the level which has not been witnessed since the 2nd of June. Following this price surge, the world’s leading cryptocurrency by market capitalization plummeted down below this price point. However, some analysts believe that the major cryptocurrency could make another high of this year by hitting $11,500 in the near future.
A weekly close above $9760 is crucial for Bitcoin’s next rally
The price value of Bitcoin faced an immediate rejection when it reached the $10,200 price point. The leading digital coin is facing resistance here at this point. In spite of facing a price drop to $9800 level, the technical outlook of Bitcoin is still bullish.
According to Josh Rager a famous cryptocurrency analyst, Bitcoin may make another high of 2020 if its weekly candle can manage to close above the $9760 level which is crucial for the next price rally of Bitcoin. While explaining his point of view, Josh Rager said in the tweet:
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“Weekly close above $9,760 is what we’re looking for today Ideally, a weekly close above $10,185 would give another high-high on the weekly trend Overall, IMO BTC looks good, though the price could retrace a few hundred more from here, not expecting more than that atm”
So, therefore, Bitcoin needs to maintain above this price figure and buyers should help the coin close the week in a bullish manner.
Another famous analyst and Twitter user Chase NL is also of the view that the leading digital coin can see the $11.5K figure as its first major resistance level with a strong breakout:
“BTC: Cautiously bullish. Blue box should be a buy if a retrace was to occur… A strong breakout leads to 11.5K as first major resistance.”
The week is about to close and Bitcoin’s price is still flowing in the upward direction which means that the top digital currency’s bullish behavior is still intact.