Investors say $11,500 Mark Is Significant For BTC

If by the 10th of this month, Bitcoins rises above $11,500, that would be the highest weekly record for Bitcoin since mid last year.

In the meantime, investors are seriously keeping watch on the forthcoming week closing rate, which many believe will determine if the bull market will continue.

When bitcoin price reached a record figure of $12,000 earlier this month, some traders debated that Bitcoin had already broken its market frame. Hence, Bitcoin has tendencies to increase to higher rates between $13,500 to $17,000.

Expert trader, Sven Henrich, feels that Bitcoin can surge to $17,000 as long as it remains stable above $11,000.

In the short-term, analysts have highlighted several major factors that can improve the perception of BTC. The most important is the declining state of the US dollar.

Generally, transaction volumes around markets are increasing. It is also important to note that Bitcoin will experience the risk of overhead resistance unless it surpasses the $12,000 mark.

Source: Cointelegraph