Bitcoin (BTC) by $ 11,300
The bitcoin price started an increase on July 20 which eventually ended at $ 11,300. Since July 27, bitcoin has been trading below and testing this price level about three times. However, it formed slightly higher lows.
In the late afternoon yesterday, bitcoin peaked at $ 11,460 making an outbreak above $ 11,300 increasingly likely. The BTC price eventually bounced twice at $ 11,300, marking the support was confirmed in this area.
Early this morning, around 4 a.m., bitcoin began a new decline that would take the price to a new high for 2020. The high of this upward move was traded at $ 11,761, a price level last seen in August 2019.
At the time of writing, bitcoin is trading at a price of $ 11,704 on cryptocurrency exchange Coinbase and has thus fallen back slightly from the aforementioned high. However, momentum remains upward for the time being and we may see a new high for 2020 being reached today.
On the daily chart, the Relative Strength Index (RSI) has been in it for several days overbought area. This makes one retrace or longer period of sideways action increasingly plausible. In addition, there is one on the RSI on the 4-hour chart bearish divergence to see.
The big question is therefore whether bitcoin can reach $ 12,000, the next important resistance level. At $ 11,300 is now the next support where bitcoin can find support in the event of a correction.
Altcoins are also a big plus
Bitcoin is one of the bigger risers in the top 10, but a number of altcoins have seen even stronger rises in the past 24 hours. One is bitcoin SV (BSV), which is 11 percent green and worth $ 237.90.
Ethereum (ETH), the largest altcoin, is also in the plus. ETH therefore seems to be able to break out further and is now 5.2 percent in the plus. Ethereum is now worth $ 355.