As Long as Bitcoin Holds $10,500, Price Could Hit $11,200: Analyst

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Bitcoin has stagnated at the local highs around $10,700 over the past few hours and days. The leading cryptocurrency remains below the highs it set last week prior to the BitMEX news breaking. Analysts are still optimistic about the cryptocurrency despite the ongoing stagnation and relatively weak price action. Bitcoin is expected to move $11,200 in short order if it holds $10,500, some analysts say. BTC investors have long found the $10,500 level important. For instance, $10,500 marked the highs of three separate rallies over the past year. Bitcoin could drop towards $9,800 if it loses that support, though. Bitcoin Could Soon Move to $11,200, Analysts Say as Bulls Defend the $10,500 Region A Bitcoin trader says that as long as the cryptocurrency holds the $10,500 support level, it will be primed to move to $11,200 in the coming weeks. He recently shared the chart below to show this theory.…

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