Bitcoin Hitting $11,000 Mark A Welcome Respite for Anxious
After weeks of intense trading, the cryptographic bulls found their brand and accelerated the growth spurt that pushed bitcoin (BTC) to a key level of $11,000, and the persistence of this price cap may suggest a long-term pattern.
Bitcoin has been continuing to increase its speed today, coming comfortably to $11,000 in a region that has enjoyed a strong bullish path over the past few days, rapidly increasing by 15% from around $9,550 to almost $11,000. During the last 24-hour session, the crypt was growing steadily, gathering by 1.7% to $10,945 on Monday morning.
The cryptocurrency market moved away from the negative red zone after the most widespread virtual currency hit the critical $11,000 brand, the development that served as a spark plug for bitcoin bulls and the technical conditions of the market as a whole.
The total market capitalization of all electronic assets currently undergoing ownership changes on major trading floors exceeded $300 billion for the first time since mid-July, while BTC’s market share rose above 68%. Bitcoin’s strong rebound was impressive as a decisive benchmark of more than $11,000 lured new customers into the market and helped create a healthy growth rate.
Bitcoin retracted and was retested along the $10,610 zone on August 4, then went on to breach above $11,000, almost 10 hours following its latest sell-off. The crypto was last seen trading at $11,226 after a robust trajectory that broke above the $11,050 mark.
BTC was also bought by nearly $4 billion in total volume over a 24-hour session, suggesting the need for higher levels to maintain any further breaks until the recent resistance observed at $11,410 and $11,880, but taking into account the Monday pattern, which is clearly credible.
As this solution develops, the other main alternatives flash green with TRON (TRX), Tezos (XTZ) and Ether (ETH), increasing by 1.6 per cent and 4 per cent respectively. The second-largest cryptography in terms of market limit, Ether (ETH), fell by almost 0.8% and was traded at USD 219.96. XRP, the third top crypto in terms of market limit, observes a rally at the beginning of Monday, climbing 1.77% to 0.321 USD in the last 24 hours.
With the prospect of time, Bitcoin is still far from its $13,800 in 2019, and it is very important that it records a steady pace above $11,000, otherwise crypto may face a difficult situation of sales pressure that could push it back into the depths.
On Friday, Bitcoin bull Max Keiser predicted on Twitter that the crypto will breach the $15,000 level this week, emphasised that trust in centralized currency and banks is now falling.
Media: businesstimes.cn
