Price Analysis

Bitcoin’s Price Jumps Back Above $11K for the First Time In 3 Weeks

Bitcoin (BTC) has risen back above $11,000 after regaining ground lost on July 8 and July 22, when the world’s largest cryptocurrency by total value suffered bearish breakdowns that sent its price below $10,000.

At 15:00 UTC on August 4, bitcoin rose above $11,000 for the first time in 21-days.

BTC’s price stalled and then was retested along the $10,600 area on Aug. 4, proceeded by a breakout above $11,000, 10 hours after its most recent sell-off. BTC was last seen changing hands at $11,227 after a strong hourly candle broke above $11,050.

The move for BTC has also been accompanied by $3.9 billion in total volume traded over a 24-hour period hinting at a need for greater levels in order to sustain any further pushes to previous resistances seen at $11,400 and $11,880, but given today’s trajectory that is certainly possible.

As a result, other major names are flashing green today with Ether (ETH), TRON (TRX) and Tezos (XTZ) up between 1.7 and four percent, respectively.

Further, the total market capitalization of all cryptocurrencies combined rose by more than $9 billion over a 24-hour period, marking another consecutive day in the green and spurring on the possibility for a continuation in BTC’s price.

The short-term outlook now favors the bulls, given the weekly close produced a large bullish engulfing candle with eyes now setting on the weekly resistances at $11,400 and $11,880.

Disclosure: This author holds no cryptocurrency at the time of writing.

Bitcoin image via Shutterstock

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