Bitcoin’s “Crucial” Weekly Close Nears as BTC Hovers Above Key Level

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Bitcoin’s price is largely stagnant in the time following its strong move up to $11,400 This consolidation is bullish because it shows that bulls have enough strength to remain in control of BTC’s near-term trend The key resistance to watch in the near-term sits at $11,600. A break above this level would be technically significant and likely lead to further upside One analyst is now noting that he is awaiting today’s weekly candle close before deciding whether or not he wants to maintain his long-sided exposure He notes that a weekly close above one key level could lead to significantly further upside Bitcoin and the entire cryptocurrency market have been stuck within a consolidation phase throughout the past few days, with BTC’s price stabilizing above its previous trading range highs of $11,200. The strong break above this level was technically significant and helped allow it to see further upside. The…

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