Bitcoin (BTC) drops back after a short recovery but finds support

Bitcoin (BTC) drops back after a short recovery but finds support

After a brief revival above $ 11,500 last night, the bulls failed to push through bitcoin (BTC). The bitcoin rate dropped as a result but found support. At this moment the price is again trading close to this support.

At the time of writing, the price of bitcoin (BTC) is $ 11,359 according to CoinMarketCap after having fallen by a small 0.17% in value in the last 24 hours. The same picture can also be seen with the altcoins in the top 10 based on market capitalization.

For example, ethereum (ETH) is 1.2% in the min with which it drops back to a value of $ 210.1. Ripple (XRP) remains below $ 0.3000 and drops 0.5%, making it worth $ 0.2984 at the moment. The only altcoin within the top 10 that is currently in the plus is Binance coin (BNB). The native cryptocurrency of the cryptocurrency exchange Binance, with a value of $ 30.16, is more than 0.49% in the plus.

If we look at the bitcoin exchange rate, we see that the cryptocurrency rose above $ 11,500 on the night of 11 and 12 August. However, this increase was not sustainable, which led to a new decrease.

During this fall, support at $ 11,500 was again broken and BTC even dropped back to $ 11,112. There, however, it found support which caused the price to start rising again.

At the moment, the next resistance is around $ 11,400. However, the main resistance is at $ 11,500, where the 100- moving average (MA) is currently also located. When this level breaks through, bitcoin can accelerate towards the resistance at $ 11,800.

At the bottom, there is strong support at around $ 11,200. The most important support is at $ 11,000. If the price drops through this, it is possible that bitcoin will fall further back towards support at $ 10,500.

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About Viktor Sokolov 94 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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