Bitcoin price $11,860 Key BTC resistance levels $12,000, $12,173, $12,500, $12,701, $13,000 Key BTC support levels $11,473, $11,250, $11,000, $10,500, $10,000

*Price at the time of publication

Bitcoin has seen a well-received price jump over the past 24 hours which totals an increase of 4.4%, allowing the price for the cryptocurrency to rise toward the $11,887 level. Bitcoin has now enjoyed an 11.5% price increase over the past week, with a further 50% price rise over the past month.

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Bitcoin now currently holds a $211 billion market cap valuation after the price has exploded by a total of 128% over the previous 90 trading days. If Bitcoin can continue to ascend, we should be creating fresh 2019 highs above $13,000 during July.

Bitcoin price analysis

What has been going on?

Taking a look at the daily chart above, we can see that Bitcoin had done well to hold the support at the $10,682 level, where the rebound had occurred. Bitcoin has now managed to travel higher and break above the resistance at the $11,500 level.

Bitcoin price short term prediction: Bullish

In the short term, the price prediction for Bitcoin certainly remains bullish. The next level of resistance that the bulls will need to overcome is located at the short term 1.272 and 1.414 FIbonacci Extension levels (drawn in blue) priced at $12,173 and $12,701 respectively. Above this, the next level of resistance is expected at the $13,000 resistance level.

If the buyers continue to push above $13,000 - the next level of resistance above is expected at $13,455 - which contains the long term bearish .618 Fibonacci Retracement level. This area of resistance is further bolstered by the short term 1.618 Fibonacci Extension level (drawn in blue).

What if the sellers start to regain control?

Alternatively, if the sellers regroup once again and push the market lower, we can expect immediate support toward the downside to be located at $11,473. Beneath this, further support can be found at $11,000, $10,800, $10,682, $10,500 and $10,000.

What are the technical indicators reading?

The Stochastic RSI has been in extremely oversold conditions for a relatively long time now as we wait for a bullish crossover signal to indicate that the market is ready to move higher. The signal has recently occurred, but we need the Stochastic RSI to expand and start to rise to show the bullish pressure increasing.

Furthermore, the RSI itself has recently managed to stay above the 50 level which indicates that the sellers never did really have any control of the market momentum during the recent price fall. The RSI is now rising, signaling that the bullish momentum is growing.