Bitcoin Price En-route to New 2020 High Once Bulls Break $11.8K Resistance

Bitcoin Price En-route to New 2020 High Once Bulls Break $11.8K Resistance

Bitcoin price is gearing up for a second attempt at $12,000 and altcoins continue to rally higher.

Bitcoin (BTC) price perked up on August 5, rallying from $11,090 to $11,784 before briefly retracing to the $11,650 area as the daily close approached. Currently the price trades near the $11,500 support after bulls were unable to tackle the $11,800 level.

Despite a pullback to lower support, Wednesday’s 6.29% push through the $11,100 to $11,250 zone was much needed as the price had lingered below this level for about 3 days.

BTC/USD 4-hour chart

BTC/USD 4-hour chart. Source: TradingView

As the 4-hour chart shows, once above $11,450, traders were able to slice through the $150 gap on the volume profile visible range and pursue the completion of a W-bottom reversal pattern but failure to pierce $11,800 prevented this.

As reported by Cointelegraph earlier this week, the August 2 flash crash which saw Bitcoin price drop $1,500 in minutes and liquidate $1 billion did little to shake the bullish resolve of professional traders.

According to GSR market analyst Micah Erstling:

“The large percentage of headlines and traditional investors looking for higher yielding assets has led to a larger shift into crypto. As a result, open interest in futures listed on major exchanges reached a new lifetime high of $5.6 billion on August 1, surpassing the previous record of $5.36 billion in February.

Given the increased bullish sentiment, funding rates prior to the crash were at unsustainable levels as the funding rate for Bitcoin was hovering around 0.0721%. Furthermore, the imbalance for ETH was even worse as the funding rate was at 0.21%. However, post sell off, funding rates have stabilized despite still indicating a bullish tilt.”

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

Altcoins also notched notable gains as Bitcoin spent a few days consolidating and a few managed double digit gains as BTC price broke out to $11,750.

Bancor (BNT) rallied 26.50%, Zcash (ZEC) gained 7.99%, and Band Protocol (BAND) surged higher with a 39.53% gain.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $351.5 billion. Bitcoin’s dominance index currently at 61%.

  • Bitcoin
  • Ethereum
  • Litecoin
  • Zcash
Scan to Donate Bitcoin to bc1qcc3xajxvdqjnx2f7j7sfcfun7jagr0nh94fa2e

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0x704671D7591d05Dd0790E86Aee964558E9347b07

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Litecoin to ltc1q7tj9ydra9ylkelu42vypp6cu2v0msf5lc2p5mq

Donate Litecoin to this address

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Zcash to t1LiPaQ7gsSL23FbjXswpSoguP6yAE1xj5B

Donate Zcash to this address

Scan the QR code or copy the address below into your wallet to send some Zcash

 92 Interactions,  2 today

Crypto & Finance News