Since the end of June, the bitcoin (BTC) course has been in a downward trend channel. Several important support levels were broken, causing the price to fall below $ 10,000. However, that correction now seems to have come to an end after BTC managed to break out of this channel.
At the time of writing, the price of bitcoin (BTC) is worth $ 11,350 according to CoinMarketCap. This means that bitcoin was able to increase in value by no less than 14.2% in the last 24 hours. This brings bitcoins market capitalization to $ 203.3 billion.
Total market capitalization increased by nearly $ 9 billion in the last 24 hours after the altcoins started to rise again. Bitcoin SV (BSV) currently has the largest rise among altcoins, with a value of $ 201.4 increasing by more than 6.1%. This is followed by ethereum (ETH), which rose by almost 6.66% to a value of $ 296.7. If we keep the total market capitalization against the capitalization of bitcoin, we see that the bitcoin dominance has increased to 62.2%.
Bitcoin has been in a downward trend channel since 30 June. As a result of this fall, support dropped to $ 11,500, $ 11,200 and $ 11,000. This downward momentum eventually pushed bitcoin below $ 10,000, where a low was formed at around $ 9,700.
From that point, bitcoin rose back to the resistance line of this trend channel, where it continued to trade for a few hours. The final outbreak occurred yesterday at around 4:00 PM, resulting in a strong and rapid rise.
The price eventually rose back to $ 11,000 and broke through with the aforementioned support levels at a rapid pace. In addition, the price is now again above the 200 and 100 Moving Average (MA) lines. Bitcoin has now arrived at $ 11,500, which again appears to be an important price point. The price will again find resistance.
If bitcoin also breaks out above this price level, an increase to $ 11,800 is possible. In addition, the next resistor is around $ 12,000. If the price drops again, the possible support is around $ 11,200.