Bitcoin Buying Pressure Hits 2-Month High as Price Tops $11.4K

View Bitcoin jumped to fresh 15-month highs near $11,430 on Bitstamp earlier today, invalidating a bearish divergence on the 4-hour chart.

With a key indicator reporting the strongest buying pressure in over two months, prices appear on track to test resistances lined up at $11,688 and $11,780.

Repeated failure to hold on to gains at the crucial Fibonacci retracement level of $11,394 could yield a price pullback to the 100-hour price average, currently at $10,667.

The bullish outlook would be invalidated only if prices drop below $9,097.

Bitcoin's price rose to fresh 15-month highs today, with a key technical indicator pointing to strongest buying pressure in over two months.

The leading cryptocurrency by market value rose to $11,430 at 10:45 UTC on Bitstamp to hit the highest level since March 6, 2018, surpassing the previous multi-month high of $11,247 seen on Sunday.

The average price across major exchanges, as seen on CoinDesk's Bitcoin Price Index, also hit a 15-month high of $11,437 earlier today.

That said, at the current price of $11,400, BTC is up 176 percent on a quarter-to-date basis and 34 percent on a month-to-date basis.

The relative strength index is reporting overbought conditions with an above-70 print, but is still well below the high of 86.00 seen in mid-May. Further, the overbought readings on the RSI would gain credence only if the price shows sign of bullish exhaustion, as discussed yesterday.

The path of least resistance is to the higher side and prices could rise to resistances at $11,688 and $11,780.