Bitcoin (BTC) failed to maintain its upward trend above USD 12,000 last Sunday. Investors who have collected the royal coin in recent months may have taken their profits. This has resulted in a strong correction and the Bitcoin price fell by more than $ 1,500 in a few minutes .

Bitcoin $ 11,500 is to keep an eye on

Bitcoin price is moving around $ 11,300 at the time of writing and some traders argue that $ 11,500 is a significant level for another Bitcoin bull run. Should the Bitcoin price trade above $ 11,500 after August 10, BTC will hit its highest weekly close since mid-2019. A close above this price will make it the best weekly candle close since the 2017 bull run.

So analysts are keeping a close eye on this upcoming weekly close. Cryptocurrency trader Inmortal technique said the following on Twitter :

“11.5k is the most important level on #Bitcoin. This is why."

The guys from CryptoCoinTalk are also patiently waiting to see how the current weekly candle will close. Yesterday we published a Bitcoin price analysis of the analysts, in which they stated the following:

“The only serious form of resistance we have at the moment is the top of the weekly range. It comes in at $ 11,500 and is a key level to break. If we successfully break this level, we could see a sharp rise towards $ 16,000 and perhaps even higher. ”