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The upward trend in Bitcoin prices continues even after BTC returns to support $ 11,400

August 8, 2020
  • Bitcoin (BTC) price quickly fell to $ 11,322 after hitting a daily high of $ 11,909.

  • The decline was due to US jobless claims falling to 1.2 million, but lawmakers’ inability to reach an agreement on the next coronavirus stimulus package has worried some investors.

  • Despite retreating to the $ 11,400 support, Bitcoin price remains in an uptrend.

Daily market chart for the crypto market

Daily market chart for the crypto market. Source: Coin360

Early today Bitcoin (BTC) price fell sharply to $ 11,322 after hitting a high of $ 11,909.

The upward trend in Bitcoin prices continues even after BTC returns to support $ 11,400The upward trend in Bitcoin prices continues even after BTC returns to support $ 11,400

This small correction occurred when US jobless claims fell to 1.2 million and US markets opened slightly in the red. but at the end of the day the The Dow and the SP 500 closed 0.7% and 0.17%, respectively.

Meanwhile it is NASDAQ continued to rise and closed the day up 1.66%.

As stocks continue to rise over the weeks, today’s collapse is the talks between US lawmakers trying to negotiate The next phase of stimulus from the coronavirus could affect investor sentiment and cause markets to open into the red next week.

4-hour chart for BTC / USD

4 hour chart for the BTC / USD. TradingView

Traders will notice BTC price has started to lose momentum around $ 11,800 and once the price is below the high volume VPVR nodes in the USD 11,583. The price fell quickly to retest the support at $ 11,400.

While this was impractical for some, Today’s pullback should come as no surprise as the routine of lower Bitcoin price levels confirms that a previous level of resistance is now acting as support.

At the time of this writing BTC stays above $ 11,650, However, a decline below $ 11,500 and support at $ 11,400 could result in a further decline towards $ 11,200.

As long as the price stays above $ 11,100, the pattern of higher lows will persist, which means the uptrend will remain intact.

Bitcoin price daily chart

Bitcoin price daily chart. Source: Coin360

Surprisingly, when the price of Bitcoin fell 4.89%, Altcoins held up relatively well, with the exception of Ether (ETH), which fell 8.76% to $ 362.35 before rebounding to $ 379.80.

At the time of this writing Cardano (ADA) is down 4.19%, XPR is down 3.03%, and Tezos (XTZ) is down 5.99% to trade at $ 3.05.

According to data from CoinMarketCap, the market cap for cryptocurrencies is now a total of $ 350.7 billion. Bitcoin’s dominance index is currently 61.1%.

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