Bitcoin's recent price action comes as a breath of fresh air for crypto traders who had to deal with BTC flatlining for about two-and-a-half months at $ 9,000. The leading crypto asset is attempting to pass a local high of $ 11,500 as this article is being written. Despite the strength of the breakout, bitcoin's macro volatility indicators remain at historically low levels. According to Mohit Soraut of Bittu Capital, this may suggest that the BTC has room for a rally as the ongoing volatility favors the bull. This latest rally in the crypto market has brought bitcoin above a resistance of $ 10,500. The $ 10,500 marked the top of three different bitcoin rallies in the past year, suggesting that catching the bull is of the utmost importance. This article will be released soon after the monthly candle closes for BTC July. Analysts say that if bitcoin can stay close to $ 10,500 or $ 11,500, then it is in a very good position at the macro level. For reference, bitcoins above $ 11,500 would mean that the BTC is one of the highest levels (from a monthly candlestick point of view) since the high of $ 20,000.

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