Yesterday, Bitcoin registered a strong increase in prices as it soared above $10K and extended its rally above the $10,200 and $10,500 resistance levels to settle above a couple of crucial hurdles.
There was even a break above $11K as the BTC prices settled well above the 100 hourly simple moving average before forming a new monthly high near $11,422.
The flagship cryptocurrency is currently consolidating gains at its price of $10, 977 during press time.
A successful break above $11,400 could open the doors for a sharp increase in the near term.
Bitcoin Trends on Twitter
Michael Goldstein, a widely known Bitcoin commentator, and evangelist shared the image below yesterday. It indicates that #Bitcoin has been trending in the U.S. with over 61K tweets in the past 24 hours.
Numerous reports from other Bitcoin and crypto community members around the world, including in Australia, Canada, and in the U.K., have also confirmed that the king coin is trending around the world.
As Bitcoin started generating a buzz on Twitter, the flagship crypto has also seen a sharp increase in interest from Google users, with trends indicating that searches for the term “Bitcoin” on Google have hit multi-month highs.
Similarly, financial news outlets such as Fortune, Bloomberg, and CNBC have heavily covered the world’s leading asset in the past 24 hours thanks to its recent gains.
This influx of publicity on BTC has seen mainstream investors and analysts, along with institutions, begin to discuss the top cryptocurrency once again.
For instance, analysts at Citibank, a global banking giant, have reportedly released a research note suggesting that BTC price will rise to $20K.
BTC Price Building up Steam
Earlier today, BTC dropped as low as $10,200 before it corrected higher amid strong buying pressure, leading some analysts to argue that there is some notable resistance near the upper-$10,300 regions which may be tough for BTC to hold above.
However, options trader Chase NL believes that Bitcoin’s slowing momentum seen this morning is its way of “building up steam” before it makes another push higher in the near term.
He explained that the longer BTC consolidates around its current price, the more fuel buyers will have to shatter and sustainably hold above the $10.5K resistance level.
“BTC: Looks like we’re building up steam here. Traders short what they deem to be the local top for a few hours (adds fuel for the push past 10.5K highs),” he noted while sharing the chart below.