Bitcoin has continued to surprise investors as it has been able to maintain its upward momentum even after it pushed into the upper-$10,000 region, where it faced increased levels of selling pressure. Despite this, BTC is still facing some resistance in the lower-$11k region, and it is unclear as to whether or not the crypto\u2019s bulls will have enough strength to propel it higher.<\/p>\n
Analysts are now noting that Bitcoin is still expressing some bullish technical formations, and if it is able to surge as much as it has so far this year, its price may soon close in on the upper-$30k region.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 3% at its current price<\/a> of $11,020, up from 24-hour lows of $10,600.<\/p>\n Ever since BTC first broke into the five-figure price region last Friday, it has been forming a pattern of consolidation, ranging between roughly $10,500 and $11,200, with support at the former price and resistance at the latter price.<\/p>\n Unless the cryptocurrency\u2019s bulls step up in the near future and propel its price past $11,200, it is highly likely that BTC will continue ranging between the aforementioned price levels before it finds some better direction.<\/p>\n It is important to note that the recent upwards momentum has allowed Bitcoin to form some strong technical formations, which may help lift its price higher in the coming days and weeks.<\/p>\n Jonny Moe, a popular cryptocurrency trader on Twitter, recently told his nearly 16k followers that Bitcoin is currently forming an ascending triangle that is similar to the one formed right before Bitcoin surged past $10,000 last week.<\/p>\n \u201c$BTC sure looks like it’s painting ANOTHER ascending triangle,\u201d he explained, while referencing the below chart.<\/p><\/blockquote>\n $BTC<\/a> sure looks like it's painting ANOTHER ascending triangle pic.twitter.com\/yYZIHy0igS<\/a><\/p>\n — Jonny Moe (@JonnyMoeTrades) June 24, 2019<\/a><\/p><\/blockquote>\n\n