- Bitcoin retreat from new yearly likely to create fresh demand towards $15,000.
- Bitcoin is closer to the all-time high than December 2018 low.
- The technical picture suggests that Bitcoin will stay above $11,000 in the coming sessions.
Bitcoin entered a new bullish phase following the break above $10,000. The unstoppable bulls sent BTC to a new yearly high after the weekend surge at $11,388. Retreat from this high has since occurred where the price tested $11,200 support, in turn, giving way for correction above $11,300.
At press time, Bitcoin is trending upwards 2.5% on the day. BTC/USD only needs a push above $11,400 and $12,000 to start a fresh journey towards $15,000. Besides, Bitcoin is closer to the all-time high than December 2018 low.
The technical picture suggests that Bitcoin will stay above $11,000. However, a retracement to the support at $11,200 is necessary and will allow the bulls to create demand for the coin that has already outperformed its 2019 expectations.
Meanwhile, Bitcoin has broken below the rising trendline support discussed in the cryptocurrency market update. The digital asset currently exchanges hands at $11,310. On the downside, past $11,200 support, the confluence firmed by the 61.8% Fib level taken between the last drop from $11,338 to a low of $10,812 and the 50 Simple Moving Average (SMA) will offer support. Other areas to look out for support are $11,00, $10,800 and $10,400.
BTC/BTC 4-h chart
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