Bitcoin

Bullish Sign notices at $ 11,300 Bitcoin Price Breakout

Bitcoin (BTC) price appears to have entered the weekend on the right foot after a relatively uneventful Friday. The price continued to hover between $ 10,200 and $ 10,400.

Snapshot of daily market performance in cryptocurrency

Snapshot of the daily performance of the cryptocurrency market. Source: Coin360

Bullish Sign notices at $ 11,300 Bitcoin Price Breakout
Bullish Sign notices at $ 11,300 Bitcoin Price Breakout

At the time of this writing, the daily chart shows that the top ranked digital asset fits into a pennant and, Since BTC double-bottomed at $ 9,838, BTC has marked a pattern of higher lows that have now pushed the price into a narrower range.

BTC / USDT daily chart

Daily chart of the BTC / USDT pair. Source: TradingView

While the trading volume still leaves a lot to be desired, The moving average convergence / divergence indicator shows that the MACD is approaching the signal line and the shorter bars on the histogram show that selling is slowing.

While encouraging, the RSI remains below the midline and while BTC is now above 100 MA, a big step forward for the pennant flipping $ 10.5,000 in support is still the next step traders are looking for. .

As mentioned in the previous analysis, If price breaks above $ 10.5,000, the bulls will try to take advantage of the $ 10,500-11,000 VPVR gap, but the 20-day MA ($ 10,900) should act as resistance before rising towards $ 11,300 .

Bitcoin price daily performance

Daily performance of the Bitcoin price. Source: Coin360

As Bitcoin price continues to consolidate towards a more determined move, altcoins rebounded to test key resistance levels that were heavily supported just a week earlier.

Yearn.finance (YFI) outperformed, rising 22.5% to $ 38,333. Binance Coin (BNB) was up 11.30% and Ontology ONT was up 13.19%.

According to CoinMarketCap, the market cap for cryptocurrencies is now totaling $ 334 billion, and Bitcoin’s dominance index is currently 56.8%.

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