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Bitcoin rises back to $11K despite signs of indecision in the market

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Bitcoin

Once again Bitcoin has worked wonders establishing the position above $11,000 on Friday. The technical charts have also shown a positive trend to be bullish.

At the release of this news, this leading crypto coin was being traded just over $11,000, with active bids below $10,800 on Thursday, as was seen on CoinDesk’s Bitcoin Price Index. It has also been observed that the buyers are putting much effort to keep prices above $11,000 over the last few days. There was a rise in the cryptocurrency value ranging between $11,104 and $11,050 on Wednesday and Thursday, respectively, but printed a UTC closing price below $11,000 on both occasions.

Bitcoin and Doji

It is also a worth noticing thing that Bitcoin created a small trading range (Doji) on Thursday, as it swung both ways before ending the day on a flat note. But the hopes are high for Bitcoin as we see that more and more investors are taking interest to invest in this coin specially because of it’s latest trading robot bitcoin champion app. So we may expect that bitcoin could gain sustainable gains above $11,000.

Cole Garner & Patrick Heusser review

Also one of the on-chain analyst Cole Garner said that the present statistics for bitcoin price are of much importance. As he sees that the bitcoin is moving out from miner wallets to exchanges leading to a continued price recovery. The swift supply of bitcoin onto exchanges also resulted in increased selling pressure. It has been observed that bitcoin has largely remained resilient and is up 6% this week.

According to Patrick Heusser, a senior cryptocurrency trader at Zurich-All this procedure was greatly helpful in moving money out of alternative cryptocurrencies and into bitcoin.

Bitcoin a compared to other coins

Most of the leading cryptocurrencies such as ether (ETH), bitcoin cash (BCH), and litecoin (LTC)  Indeed, have faced a devaluation by 2% to 5% against bitcoin in the past seven days. And chainlink’s LINK token is down 17%, according to data source Messari.

The 1 hr bullish plot for the BTC price could be defined between $11,912 – $12,208. If we analyze then the rejection at the $12,108 mark could be assumed but it will be too early to predict anything.

Bitcoin is performing well

During the period of the last 30 days, the Bitcoin price performance (ROI)  as compared to USD is quite impressive. The ROI has increased by almost +31% and ignoring the current price movement for BTC, where is the major digital asset headed to next? The daily chart continues to be bullish and bulls could be able to use this drive to push further. The daily uptrend could remain intact unless the bears can drop the BTC price below $11,900.

The figure of $12,000 was a strong resistance point for the BTC price to experience a breakdown. It has been more acute due to meaningful liquidations following above the resistance level building extensive threads to the upside and downside in just a few hours. Now, at the moment the trading volume is high but the market could still be unpredictable for the next 2 hours.

It is now crucial to view Bitcoin price trades above $12,060 for the next 4 to 5 hours and then see restoration to validate the breakout. Still, there could be a possibility that the BTC price could touch $12,500 after touching $12,000 as the range between Bitcoin’s lowest and highest trading prices over the last 24 hours is $11,760.57 – $12,212.27. This could build more trust in the bullish market further climbing Bitcoin price to $12,500.

Final analysis

We come across several suggestions. Some analysts opine that profits from Ether and DeFi tokens are being cycled into Bitcoin. While others are of the view that that MicroStrategy’s bulk purchase of BTC led the spot prices of the dominant cryptocurrency to increase. MicroStrategyplayed a big role as it purchased an additional $175 million worth of BTC, which would add $7 billion to BTC’s market capitalization, as an on-chain analyst Willy Woo noted. As a result, the spot market, an order that exceeds $100 million could trigger a slippage of over 3%. This was revealed by Denis Vinokourov, head of research for digital asset exchange and brokerage firm Bequant.

So we see that after the breakout of Bitcoin above $10,500, a level that has acted as a strong resistance, the traders have multiple opinions. There are a few traders who think that BTC will depreciate at the $11,000 level. Others predict a continuous rally past the $11,000 mark, due to optimistic on-chain indicators.

Studying the above charts, we can notice that the opening breakout of the BTC/USD price touched the $12,129. If this area is defeated during the current uptrend in the next few hours, then the first resistance level could be at $12,291, which also overhangs with the higher resistance. We wish you happy trading!

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Bitcoin rises back to $11K despite signs of indecision in the market