Bitcoin (BTC) rate consolidates above $ 11,500 after strong correction

Bitcoin (BTC) rate consolidates above $ 11,500 after strong correction

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

After finding support at $ 11,000, bitcoin (BTC) is now consolidating. The bulls are convincingly able to keep the price above $ 11,500, a positive sign for any further increases in the short term.

At the time of writing, the price of bitcoin (BTC) is $ 11,729 according to CoinMarketCap. This makes the bitcoin price almost the same as that of 24 hours ago. At the moment, the price is just under 0.27% in the plus. Most altcoins currently show larger increases.

The biggest climber among the altcoins in the top 10 is, just like this morning, Binance Coin (BNB). With an increase of 5.12% in the last 24 hours, the altcoin is now worth $ 31.71. Due to the relatively better performance of the altcoins, the bitcoin dominance has fallen slightly and is now at 65.2%.

Bitcoin dropped considerably yesterday and last night after tapping the $ 13,027 the day before yesterday. The correction has led BTC to fall through a number of important support levels.

Eventually the exchange rate was found at $ 11,000 from where it started to rise again. This morning the bulls also managed to push the price above the falling trend line that was formed in recent days.

After this outbreak, the rate rose above $ 11,500 and is now consolidating around $ 11,700, where the 200 Moving Average (MA) is currently located. To be able to realize further increases, the bulls will have to push the course through this line.

Currently, the next resistor at this 200 MA is on the hourly graph with a resistor above it at $ 11,800. The $ 11,500 is currently the closest important support with the $ 11,200 and $ 11,000 below.

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About Shawn Morrison 203 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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