Bitcoin (BTC) fluctuated around $ 11,700 today, but is unable to break through the $ 11,800 resistance due to lack of volume. At the time of writing, the rate is at $ 11,559 (0.9%), almost the same as about 24 hours ago.
A number of altcoins do rise, such as Stellar Lumens (XLM) and Binance Coin (BNB), both in dollars and in satoshi value. Also Ripple (XRP) seems to gain some momentum.
Canadian gas for bitcoin mining
This Friday afternoon, Bitcoinist comes up with striking news: Canadian energy companies mine bitcoin by using residual gas. It is gas that is too expensive to sell on the (retail) energy market. That gas is converted into electricity to connect miners. The alternative to the surplus gas is namely to burn it.
This is reported by Francis Pouliot of Bull Bitcoin on Twitter.
Today I visited an Alberta gas company that has been prototyping Bitcoin mining operations with trapped natural gas, too costly to sell onto the grid. Bitcoin solves a massive problem for 1000s of gas well owners. There is overwhelming demand to monetize trapped illiquid energy.
— Francis Pouliot ☣️ (@francispouliot_) July 11, 2019
Bitcoin (BTC) update
Bitcoin started last Friday with a rate of $ 11,200 and during the week the rate rose to break even by $ 13,000 on Wednesday. That momentum has fallen through a number of support levels in the last two days.
Today the price rose by $ 11,700, but the resistance at $ 11,800 seems too strong for the time being.
Crypto House analyst Elroy Ryon reported this afternoon that bitcoin can go two ways. He emphasizes in his analysis that the support at $ 10,350 is retained for the bulls. At the top there is considerable resistance between $ 12,150 and $ 12,400.
How do analysts on Twitter rate the course in the short term? Crypto Monk sees the $ 10,950 level as an important support for the price. As soon as it breaks, BTC can fall below $ 10,000.
My bias on $BTC won't change until $10,950 holds.
A close below would break the structure and most likely lead us to revisit 4 digits.
Until then, it is safu. pic.twitter.com/Lx2A6mfbSD
— The Crypto Monk ⛩ (@thecryptomonk) July 12, 2019
Analyst Josh Rager sees the volume decrease, making it difficult to break through the $ 11,760 barrier. He sets the bar a little higher and finds that a price below $ 11,138 is a bearish signal to the market.
$BTC – 15Min Chart
Struggling to break above $11,760 with the decreasing volume setting up for more volatility (BBands squeezing on lower time frame)
Any move and close below $11,138 would be bearish on LTF and for me to get absolutely bullish, I want price above $12,500 pic.twitter.com/gTmBXRbGOW
— Josh Rager 📈 (@Josh_Rager) July 12, 2019
Both pluses and minuses in the top 10. Striking climbers are Binance Coin, Stellar Lumens and Tron. Huobi Token, on the other hand, surrenders more than 20%.