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Bitcoin's Price Jumps Back Above $11K for the First Time In 3 Weeks
Bitcoin has risen back above the $11,000 psychological price point after regaining ground on July 8's and July 22's bearish breakdowns.
Updated Sep 13, 2021, 11:16 a.m. Published Aug 5, 2019, 1:21 a.m.
Bitcoin has risen back above $11,000 after regaining ground lost on July 8 and July 22, when the world's largest cryptocurrency by total value suffered bearish breakdowns that sent its price below $10,000.
At 15:00 UTC on August 4, bitcoin rose above $11,000 for the first time in 21-days.
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BTC's price stalled and then was retested along the $10,600 area on Aug. 4, proceeded by a breakout above $11,000, 10 hours after its most recent sell-off. BTC was last seen changing hands at $11,227 after a strong hourly candle broke above $11,050.
The move for BTC has also been accompanied by $3.9 billion in total volume traded over a 24-hour period hinting at a need for greater levels in order to sustain any further pushes to previous resistances seen at $11,400 and $11,880, but given today’s trajectory that is certainly possible.
As a result, other major names are flashing green today with Ether , and up between 1.7 and four percent, respectively.
Further, the total market capitalization of all cryptocurrencies combined rose by more than $9 billion over a 24-hour period, marking another consecutive day in the green and spurring on the possibility for a continuation in BTC's price.
The short-term outlook now favors the bulls, given the weekly close produced a large bullish engulfing candle with eyes now setting on the weekly resistances at $11,400 and $11,880.
Disclosure: This author holds no cryptocurrency at the time of writing.
Bitcoin image via Shutterstock
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