Bitcoin (BTC) price rose from $ 11,090 to $ 11,784 on August 5, before briefly falling back to the $ 11,650 zone. as the daily close approaches. The price is currently trading near the $ 11,500 support after the bulls failed to hit the $ 11,800 level.
Despite a setback to lower support The 6.29% push Wednesday through the $ 11,100 to $ 11,250 zone was badly needed since the price has been below this level for about 3 days.
BTC / USD 4-hour chart. Source: TradingView
As shown in the 4 hour table, After hurting $ 11,450, traders were able to break the $ 150 gap in the visible area of the volume profile and continue to perform a lower reversal pattern for W, but Failure to break through $ 11,800 prevented this.
As Cointelegraph reported earlier this week, The sudden drop on August 2nd, when the price of Bitcoin fell $ 1,500 in minutes, liquidating $ 1 billion, didn’t do much to shake bullish resolve from professional dealers.
According to GSR market analyst Micah Erstling:
“The large percentage of traditional investors looking for assets with higher returns has led to further changes in cryptocurrencies. As a result, Open interest in futures traded on major exchanges hit a new high of $ 5.6 billion on August 1beating the previous record of $ 5.36 billion in February.
In view of the increased upward sentiment, financing rates before the crisis were at an unsustainable levelas the Bitcoin funding rate was 0.0721%. In addition, the disparity was even worse for ETH as the funding rate was 0.21%. However, after the sale, the funding rates have stabilized, although they still indicate an upward trend. “
Daily bitcoin price chart. Source: Coin360
Altcoins also made remarkable gainsWhen Bitcoin spent a few days consolidating and a few made double-digit gains, the price of BTC soared to $ 11,750.
Bancor (BNT) gained 26.50%, Zcash (ZEC) gained 7.99% and Band Protocol (BAND) grew the most with an increase of 39.53%.
According to CoinMarketCap The market cap for cryptocurrencies is now $ 351.5 billion. Bitcoin’s dominance index is currently 61%.