Bitcoin price analysis: BTC/USD settles above $11,000, bulls are ready for the trip to the moon

  • BTC/USD bulls are encouraged by a move above $11,000.
  • The growth may continue towards $11,500.

Bitcoin (BTC) has been growing for seven days in a row, which is the longest period of uninterrupted growth since December 2017. The first digital coin has gained over 200% since the beginning of the year, with the most significant growth registered during the recent three months. Bitcoin's market value climbed to nearly $200 billion, while its market share reached 59.5%.

"Investors are scrambling back into crypto assets such as bitcoin and other alternate tokens, over-optimism that they are becoming widely accepted and adopted by mainstream entities," Christel Quek, a chief commercial officer for Bolt Global, commented.

Bitcoin's technical picture

Looking technically, Bitcoin (BTC) has moved outside 1-hour Bollinger Band. A sustainable move above this barrier will trigger more growth with the next focus on $11,500 and $11,764 (February 2018 recovery high).

On the downside, the initial support comes at psychological $11,000 strengthened by the middle line of 1-hour Bollinger Band. It is followed by $10,800, created by SMA50 (Simple Moving Average) on 1-hour chart and the lower boundary of 1-hour Bollinger Band at $10,770. A sustainable move below this handle will open up the way towards the next bearish aim of $10,500 with SMA100 1-hour located on approach.

BTC/USD, 1-hour chart

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