The leading cryptocurrency by market cap broke above the resistance at $11K this past Friday. BTC has now spent three days in the green after gaining momentum following the breakout of a triangle pattern, and a weakening US dollar.
BTCUSD is currently up 0.5% in the last 24 hours to trade at $11,416 during the time of this article’s writing.
The triangle breakout in the chart below indicates that BTC still has a lot of room to run. As can be seen, the potential target of the triangle is closer to $12K than $11K, showing that the bulls are ready to hold above the $11K level and surge higher toward $12K.
The $13k Level Could Propel BTC Price to New High
Some technical analysts believe that the BTC price is well poised for an extended uptrend following its recent break above $11K. However, most agree that a breach above $13,000 is the key to the king coin hitting a new high.
Over the past two years, BTC has managed to surpass $13K only once in July 2019. The price briefly touched $13,970 at the time before quickly plummeting below $10,000 within a month that followed.
Ark Invest CEO Cathie Wood, now believes BTC needs to breach $13K before it can accelerate higher to a new ATH. The analyst noted that BTC reaching $13,000 and staying above it is critical for a bull run to $20K.
“That $13,000 is important because if we were to get through that, then in technical terms, there would be very little resistance and we would probably be on our way back to the peaks we saw in late 2017 — so, around $20, 000,” Cathie Wood explained.
In the short term, two key resistance levels are keeping BTC from the all-important $13K mark: $11.2K and $12.5K. The flagship crypto rejected both these levels violently in recent months when it neared them.
BTC bulls have already demonstrated enough firepower to push through the $11,200 resistance, and traders are watching if the coin will trend higher in the coming days.
LINK Price Prints Bullish Break Above $10
In today’s trading sessions, Chainlink (LINK) found a strong buying interest above the $8.50 support and surged above the $9.20 resistance.
The LINKUSD pair even managed to break above a major bearish trend line with resistance near $9.30.
The seventh-largest crypto according to CoinMarketCap is trading comfortably above the $10 level at its current price of $10.946.
In the coming sessions, the pair could rally toward $12 if there is a close above the $10.00 resistance level.