BTC has registered a positive move above the $11,500 resistance level. The flagship cryptocurrency climbed above the strong $11,580 support and traded as high as $11,784.
The BTCUSD pair is currently up 1.71% in the last 24 hours at its current price of $11,983.
BTCUSD Price Chart | Source Tradingview
It seems that a bullish trend line has now formed with support near $11,650. If the top crypto holds above $11,725 in the coming sessions, it is likely to rally higher and aim a test at $12K.
On the downside, a failure to close above the $11,800 resistance could result in a downward correction. In this scenario, BTC will likely retract back to the initial support near $11,600.
BTC Price Achieves Monthly Close above Key Resistance
BTC managed to do what many thought would be complicated by closing August above $11,500.
In the past few weeks, this level has served as a pivotal resistance, and analysts now expect the asset to see an uptick after registering its second-highest monthly close ever.
Prominent crypto analyst and founder of Blockroots Josh Rager now projects that BTC’s monthly close above $11,500 will trigger a strong move to the upside.
Rager commented that the bullish close and high time frame on his chart below would enable BTC to extend its rally towards $13,880.
Vinny Lingham, CEO of Civic, also has a bullish outlook for BTC. He projected that the world’s benchmark crypto would likely hit $15K in the near term due to $10k acting as strong support.
Ethereum Price Jumps 10%
ETH has rallied by 10% in the last 48 hours as it gained momentum above the $435 resistance level.
The ETHUSD pair is now trading at the $482 level, with some predicting that the asset still has room to rally.
ETHUSD Price Chart | Source Tradingview
Analysts at blockchain analytics firm Santiment pointed to the rising number of ETH coins held in exchanges as an indicator that the asset will soon extend to the upside.
Simultaneously, ETH whales have cumulatively increased their holdings over 8 % in the past few weeks, suggesting accumulation.
These two indicators will likely cause the ETH price to rally due to supply-demand dynamics.
Moreover, the recent launch of ETH vaults by DeFi protocol Yearn Finance will provide a lucrative investment vehicle for investors, further boosting ETH’s value.