BTCUSD bullish above $11,700
Bitcoin has started to recover higher in early-week trade as bullish tones spread through the broader cryptocurrency market. BTCUSD bears should be aware that the BTCUSD pair has a strong bullish bias while price trades above the $11,700 level. BTCUSD bears need to move price under the $11,300 level this week to challenge the balance of power and increase selling pressure.
The BTCUSD pair is only bullish while trading above the $11,300 level, key resistance is found at the $12,000 and the $12,500 levels.
If the BTCUSD pair trades below the $11,300 level, sellers may test the $11,000 and $10,500 levels.