BTCUSD bullish above $11,500

Bitcoin has staged yet another rally, with the cryptocurrency recovering back above the technically important $11,500 level. BTCUSD bulls could test towards the $12,400 level if the current yearly high, around the $12,100 resistance level is broken. A daily price close under the $11,000 level should encourage technical selling back towards the $10,300 support area.

• The BTCUSD pair is only bullish while trading above the $11,500 level, key resistance is found at the $12,100 and the $12,400 levels.

• If the BTCUSD pair trades below the $11,500 level, sellers may test the $11,100 and $10,300 levels.