The headline of the leading business media is again full of Bitcoin and cryptocurrency headlines. And it is not surprising, the rate of the first cryptocurrency for 2019 has more than doubled. But while the crypto-community happily discusses the passage of the "bottom" and new prospects for the growth of BTC value, analysts warn – the bull market is not confirmed until the Bitcoin rate exceeds $ 11,700.
Following the longest bear market in cryptocurrency history, Bitcoin closes for the fourth month in a row in the green zone – this is how an asset behaves in a bull market. However, not everyone is convinced that the recent surge in the value of the coin means the return of the bulls.
One of the cryptanalysts popular on Twitter noted that the sign for the market is $ 11,700. After the rapid collapse in January 2018, Bitcoin began to recover, but was unable to break through resistance around $ 11,700, despite two attempts. This was the beginning of the longest bear market in the history of cryptocurrency.
The same mark is likely to become one of the most serious levels of resistance in the event that the BTC course will return to it in the coming days. Moreover, this resistance, the analyst is sure, can in a matter of hours derail the course of the first cryptocurrency to the nearest support level in the region of $ 6,000.
Other cryptanalysts also point to this level, which is a critical resistance and an important turning point for cryptocurrency. If Bitcoin broke through $ 11,700, they note, then the next serious resistance is the previous historical maximum around $ 20,000.