What Hope Do Bears Have If Bitcoin Holds $11,500? Analyst Asks

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Despite the parabolic performance in some altcoins, Bitcoin is stagnating around the high-$11,000s. As of the time of this article’s writing, BTC is trading for $11,600. This comes after it was rejected last week at the $12,000 level yet again, marking a loss for bulls. Analysts say that Bitcoin managing to hold the $11,500 level would bolster the medium-term bull case dramatically. One trader went as far as to say that the cryptocurrency closing the weekly candle at $11,500 could leave bears without much hope. He isn’t the first commentator to have placed such emphasis on that specific level. A trader recently went as far as to say that $11,500 is literally Bitcoin’s most important level ever. Bitcoin Holding Above $11,500 Into the Weekly Close Will Be Pivotal A cryptocurrency technician noted on August 9th that Bitcoin closing $11,500 when the weekly candle closes today will be pivotal for the…

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