Bitcoin Price Soars to $11,400 as Traders Say a ‘Bull Phase’ Is Igniting

Bitcoin Price Soars to $11,400 as Traders Say a ‘Bull Phase’ Is Igniting

Gate Trade News Saturday, August 1, 2020 17 0

Bitcoin price continues to test the $11,400 level, leading top crypto analysts to believe a rally to $12,000 could occur soon.

 

The price of Bitcoin surpassed $11,400 for the third time in three days, breaching a critical resistance level. Earlier today BTC price reached $11,444 but it quickly rejected back to the $11,250 range.

 

Surprisingly, within the last hour the price has risen above the $11,400 mark again and some traders believe that repeated retests of the resistance could raise the chances of a breakout.

 

Spartan Group’s Kelvin Koh said that when BTC breaks out of $11,400, a rally to $12,000 is likely. Meanwhile, on-chain analyst and trader Willy Woo said Bitcoin’s rally above $11,000 could place BTC at the start of the “main bull phase.”