Bitcoin Hits $11.6K for First Time in a Year

The price of Bitcoin has surpassed $11,600 for the first time in 12 months as traders say that there is a lot of open range between $11,600 and $15,000.

The last time BTC surpassed $11,600 was in mid-2019 when it surged to a multi-year high of $14,000 before rejecting.

According to Michael van de Poppe, the market structure of Bitcoin would remain compelling if it holds $11,400. Stability above the $11,400 level would show that it has turned into a support level.

Many analitics said what the biggest obstacle of Bitcoin is whether it can defend the major $11,400 level as a support area. Traders generally remain positive as BTC begins to break out and outperform alternative cryptocurrencies.