Bitcoin is currently moving towards $ 11,000 – however, at this level the coin is exposed to slight selling pressure.
The cryptocurrency now appears to be able to rebound higher in the short term as it posted an incredibly bullish weekly candle close yesterday.
Within a minute of this candle closing, the price of BTC soared hundreds of dollars
An interesting trend that seems to support this move is an accumulation pattern among the so-called „Bitcoin whales“.
An analyst observes that this group of investors amassed heavily bitcoin during the recent decline.
Bitcoin and the entire crypto market are pushing up. BTC is now rapidly approaching its strong resistance around $ 11,000, with a break above that level opening the gates for a move up to the next resistance at $ 11,200.
This level marks the upper limit of the broad trading range that has formed in the past few weeks, with a lower limit at $ 10,200.
It’s too early to break the $ 11,200 mark and say with full confidence that a move towards $ 12,000 is on the way.
One group of investors that could continue this uptrend are the so-called „whales“ as data suggests that they have aggressively increased their BTC exposure over the course of this recent downtrend.
Bitcoin is facing major resistance
At the time of writing, Bitcoin is trading at $ 10,725. This is slightly below the price at which BTC was traded after its post-weekly rally yesterday afternoon.
This surge took the cryptocurrency to highs at $ 10,980 before BTC slowed and the $ 11,000 resistance kicked off a period of consolidation.
Where BTC heads in the coming weeks is likely to depend primarily on the intensity of the resistance between $ 11,000 and $ 11,200.
Whales accumulated massively during the most recent dip
One pattern to be aware of that could affect the sustained upswing is an accumulation trend among large Bitcoin investors.
In this regard, a well-respected analyst estimates that the dip to lows of $ 10,200 gave whales an ideal dip-buying opportunity – and it has been fully exploited.
The analyst with reference to the chart below:
“I told you the whales are trying to shake you off. It looks like there was a lot of accumulation when we dropped to $ 10,200 “
How the overall market trends will develop next depends on Bitcoin. Hence, his response to the $ 11,000-11,300 resistance will be crucial in understanding where to go next.