Of bitcoin (BTC) price rose yesterday from one bull flag above $ 11,000. Again the price held there for a while after the market on the lower timeframes overbought ran out, but last night the bulls even more!
Bitcoin (BTC) is testing significant resistance
In recent days, the BTC price has taken a number of steps up, starting on Thursday after the news that the payment giant Square has put more than $ 50 million in bitcoin. The first step brought bitcoin to just below USD 11,000, the second step brought one high of $ 11,100 and finally a third step was taken last night.
The third step was relatively strong compared to the previous increases. In an hour, the bitcoin price namely of one low from $ 11,091 to a high of $ 11,498. In summary, the price was able to test the key resistance zone at USD 11,500 for the first time last night. At the time of writing, bitcoin’s price is up at $ 11,384 cryptocurrency exchange Coinbase.
Should the bulls manage to break this zone as well, the path to $ 12,000 is virtually open. However, whether the course will maintain the current speed is the question. On the 4-hour chart is the Relative Strength Index (RSI) namely located in the overbought area. This would allow for a period of consolidation or even a small decline. In the latter case, the price range between $ 10,800 and $ 11,000 is the most important support.
Last night the altcoin quotes their rises through. Ethereum (ETH) is more than 7% in the plus and is thus getting closer to $ 400. ETH is currently worth $ 376.20. Ethereum isn’t the biggest riser, however.
That’s still chainlink (LINK), which is 13.6% in the green and is now worth $ 10.76. Cardano (ADA) LINK follows closely and is 12.6% in the plus. ADA is now worth $ 0.1080 and is back to 9th place.
All in all, 4.9% of value was added to the crypto market. As a result, all cryptocurrencies together are now worth $ 361.6 billion. This means that more than $ 30 billion in value has been added in the past week. Bitcoin has lost some ground against the altcoins over the past 24 hours. Bitcoin dominance has dropped 0.16% and is now 58.30%.