Bitcoin (BTC) breaks the next hurdle but meets with resistance just under $ 11,000

Bitcoin (BTC) breaks the next hurdle but meets with resistance just under $ 11,000

Use of Bitcoin (BTC) network is approaching all-time high

After yesterday ‘s breakthrough, bitcoin (BTC) ran into resistance around the $ 10,700 price level. Eventually, the bulls managed to push the bitcoin course above this resistance. With the recent price movements, the cryptocurrency is getting closer to $ 11,000.

At the time of writing, the price of bitcoin (BTC) is $ 10,781 according to CoinMarketCap after having increased in value by 0.95% in the last 24 hours. If we look at the rest of the top 10 cryptocurrencies based on market capitalization, we see a divided picture.

For example, ethereum (ETH) with a value of $ 198.58 is 0.71% in the min. Ripple (XRP), however, is 2.96% in the minus, making it the largest fall at the moment. XRP drops back to a value of $ 0.2787.

Yesterday, bitcoin broke out of a rising triangle pattern. As a result, the price to the next resistance accelerated at $ 10,700. It remained flat under it almost all day.

Around midnight BTC also broke above this resistance level. It thereby reached a new weekly high of $ 10,953 on the cryptocurrency exchange Coinbase. However, the price then corrected back down again.

Bitcoin eventually found support at around $ 10,700 and is now trading up again. If this support is maintained, the next resistance zone will be between $ 10,950 and $ 11,000. If BTC breaks through this, then the next hurdle is $ 11,200.

At the bottom, there are a number of sturdy supports. For example, there is $ 10,700 and the area between $ 10,400 and $ 10,500. The latter area also contains the 100-hour moving average (MA) that can offer support.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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