Bitcoin has reclaimed the $11,500 support level after a brief slip on Friday to $11,300.
The latter was due to the stock market reacting to the continual back and forth between President Trump and China.
With the weekly close only a few hours away, a close above $11,500 will be bullish for Bitcoin.
The first weekend of August saw Bitcoin break through the $12k resistance level and print a local top at around $12,100. This bullish move was short-lived for Bitcoin soon dropped to as low as $10,500 an hour or two after breaking $12k. Bitcoin then regained $11k and pushed to as high as $11,900 on Thursday, August 6th.
$11,500 is the Bitcoin Level to Watch With BTC’s Weekly Close
Also worth noting, is that Bitcoin (BTC) suffered a momentary pullback on Friday, August 7th, and fell to as low as $11,300 from $11,800 levels. This event was due to the stock market reacting to news of the White House continuing to bombard the China-based companies of WeChat and TikTok regarding their operations in the United States.
The drop to $11,300 also saw $11,500 act as a strong support zone. A weekly close above $11,500 will be bullish for Bitcoin as explained by the CEO of Arcane Crypto, Torbjørn Bull Jenssen.
Bitcoin recently broke the technical resistance around $10,500 and is shaping up to print the first weekly close above $11,500 since Jan 2018.
This is very bullish! Looking at the underlying market development, it’s not unlikely that BTC can reach a new ATH above 20k USD by EOY.
Can Bitcoin Print a New All-time High Before EOY 2020?
As mentioned by Mr. Jenssen, a Bitcoin weekly close above $11,500 could be the catalyst required to propel BTC to a new all-time high value before the end of 2020.
According to the team at Skew, Bitcoin has a 10% chance of closing 2020 at a value of $20,000. The odds reduce to 6% for Bitcoin closing the year at a value of $24,000 and 4% for Bitcoin having an all-time high of $28,000 by December of this year.