Bitcoin Likely to Hit $11,000 Before $12,000 as Price Hits Key Resistance –

 


Bitcoin is likely to drop towards $11,000 in the coming days, analysts say. The cryptocurrency is likely to do so as it has formed a strong rejection at the $11,400 resistance level, which has been a level of importance for the asset on a short-term and long-term basis.

Bitcoin Likely to Drop Towards $11,000 as Key Resistance Holds

The analyst that shared the chart below says that Bitcoin will likely hit $11,000 before it rallies to $12,000. He added that around the $11,000 region, even towards $10,800, he will be a net buyer of Bitcoin as the coin is likely to bounce after interacting with that range.

Chart of BTC's price action over the past few months with a market cycle analysis by crypto trader Mac (@Macn on Twitter). 
Source: BTCUSD from TradingView.com

Macro Trend Still Favoring Bulls

The macro trend still easily favors bulls, analysts say.

Vinny…


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