Bitcoin (BTC) rate back above $ 11,000

Bitcoin (BTC) rate back above $ 11,000

rise of bitcoin

This morning, bitcoin (BTC) dropped below the 100-hourly Moving Average (MA) and the support at around $ 11,000. However, the course managed to get above these two lines again. The technical indicators for the medium term, however, signal a possible further decline.

At the time of writing, the price of bitcoin (BTC) is $ 11,210 according to CoinMarketCap after a drop of 4.99% in the last 24 hours. Bitcoin has thus increased in value since this morning, but continues to trade close to $ 11,000.

The rest of the cryptomarket is also still seeing red figures. The largest descender among the altcoins in the top 10 is ripple (XRP) . With a value of $ 0.3818, that altcoin is almost 4.1% in the minus.

The Moving Average Convergence Divergence (MACD) shows a bearish signal on the 4-hour graph . The two lines of the indicator are about to make a bearish crossover but are also about to end up in the negative area.

For the bulls, it is now a matter of overcoming the $ 11,200. In addition, the important resistance is at $ 11,500. If the price continues to fall, traders should keep an eye on the $ 10,600 and below that $ 10,000. The race has encountered resistance and support a number of times before.

For the shorter term it is in any case positive that bitcoin is again above 100-MA. However, it is now important that the price again exceeds the 200-MA on the hourly graph in order to realize further increases.

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About Shawn Morrison 204 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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