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.