Bitcoin price turns bullish on Square's $50M BTC purchase: Is $11K next?

The number of Institutional investors stepping in to Bitcoin continues to increase and this appears to be inspiring some newfound confidence in Bitcoin price.

Just today Square announced that it had purchased 4,709 Bitcoin for $50 million.

Recently, MicroStrategy made waves for also announcing a significant purchase of Bitcoin.

These news events could be a signal to investors that a new cycle is starting up and bigger parties are showing significant interest in Bitcoin.

Bitcoin volatility is showing signals of boredom, as the metric is back to levels seen in July.

As bullish news enters the markets, some short term hype can be established in Bitcoin price action.

A breakout out of the currenty triangle would be bullish for Bitcoin, but investors should be cautious.

This caused the price of Bitcoin to break through the crucial triangle; however, that's not the most crucial pivot to watch for.

The best climate for altcoins is an upward moving Bitcoin as this gives investors a calm market environment to trade altcoins.

Essentially, if the price of Bitcoin breaks through the $11,100-$11,300 resistance zone, further bullishness can be expected towards $12,000.