Bitcoin (BTC) bulls still believe the largest cryptocurrency can reach $13,000 and above.
The BTC / USD pair continues to rise to $11,500 on August 28, albeit slowly, according to Coin360 data. Despite the decline in the last hour, analysts stress that these small gains are crucial.
Closing at $11,500 a week is crucial for Bitcoin
Commenting on the Telegram trading channel, filbfilb said it remained in a long position despite the previous day’s price surge.
“The weekly chart points to support at $11,000, but the basic support/resistance level is $11,500. This will be the sure target for the recovery of the bullish market and for traders to breathe a sigh of relief,” he summed up.
Pointing to a target resistance point of about $12,925, the analyst also pointed to the large resistance level of $13,870, which Bitcoin has not reached since 2019.
In his comment, Filbfilb stressed that the Fed had set aside inflation talk and concerns about emerging bearish signals for Bitcoin, the signs are positive. He said he expected an increase for the following six reasons::
“Negative futures premiums, the lack of low closures, the fake $9,000 panic on Twitter, the failure of the key support level, the long-term correlation of gold and silver with Bitcoin price movement, the downward trend Bitcoin will return.”
He said he was in a long position for a few reasons, not one. The Fed, which appears to have already been priced in by markets, called its speech “ineffective.”
Futures contracts expire
“We have a future that will close in August and could cause volatility, ” Filbfilb said, adding that they believe today’s futures could signal a period of volatility that could hurt the upward movement. So watch out for possible moves in the afternoon,” he said.
As we have already reported, large-scale price estimates of $9,600 to $16,000 are being made for the Bitcoin price. Traders are watching this week’s close carefully.
