Bitcoin’s Rally Could Accelerate Towards $12,000 if It Breaks Crucial Level

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Bitcoin’s price has finally broken back above $11,000 after a prolonged period of consolidation around $10,700 This move marks an extension of the momentum that was incurred following news of Square’s plan to purchase $50 million worth of BTC. Analysts and investors took this news as a sign that companies are widely beginning to accumulate BTC to hold as a reserve asset As such, it renewed a bullish sentiment and, as can be seen today, helped boost Bitcoin’s technical outlook One analyst is now closely watching Bitcoin’s reaction to one key technical resistance He notes that a break above it could catapult BTC up to $12,000 Bitcoin and the entire cryptocurrency market have been caught within the throes of a consolidation phase throughout the past few weeks. This has done little to offer insight into where the market will trend next and has struck a heavy blow to investor sentiment.…

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