Bitcoin just climbed above the "critical" $11,000 level

Courtney Goldsmith
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Bitcoin is still a long way away from its all-time high of nearly $20,000 (Source: Getty)

Bitcoin has climbed back above the "critical" $11,000 level this morning.

The cryptocurrency has been trading around the $10,000 mark for the past month with just a few breaks above $11,000.

"This is a critical area as traders have failed to break above the $11k mark and we will be watching the price action closely," said Naeem Aslam, chief market analyst at ThinkCoin.

Read more: Bitcoin climbs above $10k, but the rise might not last

It follows a wave of bullish regulatory news for cryptos, Aslam said, including the former chair of the Federal Deposit Insurance Corporation (FDIC), making a plea to authorities not to ban cryptocurrencies and Credit Suisse using blockchain to make payments.

​"The biggest question among investors is if the cryptocurrency would make a comeback," Aslam said.

"A break of $15k would really send the signal that the cryptocurrency is back in business, but we are far off from that level."

Bitcoin's price was up 1.74 per cent at $11,097.22 at the time of writing.

Read more: The Winklevoss twins say bitcoin will "disrupt" gold

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