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Bitcoin’s Rally Could Accelerate Towards $12,000 if It Breaks Crucial Level



  • Bitcoin’s price has finally broken back above $11,000 after a prolonged period of consolidation around $10,700
  • This move marks an extension of the momentum that was incurred following news of Square’s plan to purchase $50 million worth of BTC.
  • Analysts and investors took this news as a sign that companies are widely beginning to accumulate BTC to hold as a reserve asset
  • As such, it renewed a bullish sentiment and, as can be seen today, helped boost Bitcoin’s technical outlook
  • One analyst is now closely watching Bitcoin’s reaction to one key technical resistance
  • He notes that a break above it could catapult BTC up to $12,000

Bitcoin and the entire cryptocurrency market have been caught within the throes of a consolidation phase throughout the past few weeks.

This has done little to offer insight into where the market will trend next and has struck a heavy blow to investor sentiment.

This is changing, however, as yesterday’s news regarding Square has altered BTC’s trajectory.

One analyst is now noting that $11,150 is a crucial level to closely watch in the near-term. He postulates that a move past this level could be enough to send BTC flying to $12,000.

Bitcoin Pushes Past $11,000 as Selling Pressure Dissipates

At the time of writing, Bitcoin is trading up just under 2% at its current price of $11,090. This marks a massive surge from recent lows of $10,600 that were set just a handful of days ago.

BTC has broken into the lower-$11,000 region in previous weeks, however, each tap of $11,200 has sparked far-reaching corrections.

This time may be different, as fundamental developments are largely backing this movement.

If bulls want to maintain their control over the asset, it is imperative that the break through this resistance and allow it to establish a secure foothold above $11,000.

Analyst: Here’s How High BTC Could Rally if It Breaks $11,150

While sharing his thoughts on Bitcoin’s present technical outlook, one analyst explained that he is closely watching for a break above $11,150. He believes that this will be enough to send it straight towards $12,000.

“Bitcoin: Very simple, plain analysis. Holding above $10,700 is beneficial for further upwards momentum. The crucial breaker is $11,150. If that breaks, I’ll anticipate an acceleration towards $12,000.”

Image Courtesy of Crypto Michaël. Chart via TradingView.

Altcoins are already beginning to show signs of strength as BTC pushes higher. Where the entire market trends next will depend on Bitcoin’s reaction to this level.

Featured image from Unsplash.
Charts from TradingView.

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El Salvador to airdrop $30 in Bitcoin to every adult citizen




The president of El Salvador  has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.

The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government wil need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.

Quickly googled estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.

Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough back of the envelope calculations suggesting that $195 million worth of Bitcoin will be airdropped across the country.

Exact figures are hard to find but Statista shows that in 2019 the population aged 15 and above was 4.72M.

However, crypto Twitter’s euphoria may be be slightly premature, as local publication Prensa Latina notes El Salvador’s citizens will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.

The news was announced during a June 25 press conference, with President Bukele stating the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.”

President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7.

Related: Opposition poses constitutional challenge to El Salvador’s Bitcoin law

El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.