A retest of $11,500 gives the impression that the bulls are not done when it comes to Bitcoin, which convincingly bounced off $11,000.
Bitcoin (BTC) rose to fill a significant gap in its price history on Aug. 3 as bulls remained in control and took BTC/USD towards $12,000.
Data from price charts including Coin360 showed the largest cryptocurrency rising once more on Monday, after a correction to $11,000.
Daily cryptocurrency market snapshot from Coin360
BTC price targets $11,500 and higher
Earlier, Monday trading began with a $150 “gap” in Bitcoin futures markets on CME between $11,450 and $11,600.
As Cointelegraph reported, anticipation immediately built around Bitcoin rising to fill the void, in line with historical tendencies over the past year.
BTC/USD 1-day price chart. Source: Coin360
Another gap between $9,660 and $9,930 was already in place, but given the bullish price action of the past two weeks, hopes were high that the first to be filled would be higher, not lower.
At press time, BTC/USD circled $11,400, having risen to retake the lower bound of the gap but so far not overcoming resistance at $11,500.
Vays: I’m “still bullish” despite $1,200 pullback
The weekend saw a brief spurt to $12,000 before a sudden correction resulted in a $1,200 drop within a matter of minutes.
For veteran trader Tone Vays, however, even this sell-off did not distort the overall bullish nature of the weekly Bitcoin chart or lower timeframes.
“I still maintain the view that last week was a bullish candle,” he said during the latest episode of his Trading Bitcoin YouTube series.
Vays added that had he been given the opportunity, he would have bought the pullback below $11,000, but was still unconvinced as to whether Bitcoin had dipped enough to secure new support.