Bitcoin has rallied to a fresh multi-week trading high, after finding strong dip-buying interest around the $11,200 area yesterday. A major breakout in the S&P 500 is also staging a major breakout, which is support BTCUSD due to the strong correlation between the cryptocurrency and the tech index. Repeated technical failure above the $11,500 resistance area will likely see the $11,100 support zone tested again this week.
The BTCUSD pair is only bullish while trading above the $11,100 level, key resistance is found at the $11,500 and the $11,700 levels.
If the BTCUSD pair trades below the $11,100 level, sellers may test the $11,000 and $10,800 levels.
