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Bitcoin Building Towards $11,000 Again: Traders

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August 19, 2019 | 

Darryn Pollock |  0 Comments| 

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Bitcoin has had a tumultuous time of late in its market. The biggest cryptocurrency by market cap feel significantly in the last seven days, dropping for a level of $11,300 to as low as $9,600. This fall also came off the back of bullish trends that took it above $12,000 while global financial uncertainty was rife. 

However, since the drop, the coin has been slowly regaining some of its lost momentum, Now, it sit at $10,700 after a healthy little bump saw it gain $400 in a matter of minutes with the generally feeling that $11,000 is just around the corner.

Monday’s charts showed that Bitcoin is up an impressive five percent in the last 24 hours with a few good pieces of news perhaps affecting its movements. Binance has announced it will launch a stable coin ecosystem to rival things like China’s central bank issued stable coin, as well as even Libra. 

The rest of the cryptocurrency market also looks to be boosted by Bitcoin’s moves with a number of the top 20 coins also up by between four and six percent over the last 24 hours. 

Bitcoin building up

While Bitcoin has been trading predominantly sideways since its drop below $10,000, it is still making slow gains in this market movement. It’s steady progress to over $10,000 has many analysts predicting that it will soon break $11,000 again, and probably head towards $12,000 soon afterwards. 

According to some analysts, like Mati Greenspan, a senior market analyst at United Kingdom-based trading platform eToro, there is a bullish wedge forming which, in his opinion, will see it on the up, but perhaps not too far up.

Furthermore, analyst Josh Rager gave an explanation for Bitcoin’s longer-term performance, arguing investors had finished buying up cheaper coins after cashing out profits at BTC/USD’s 2019 highs around $13,800. 

“In my opinion, this seems just like one large re-accumulation happening after large players took profits near $14k,” he summarized on Saturday. “This seems just like one large re-accumulation happening after large players took profits near $14k.”

He also added he considered it unlikely the Bitcoin price would drop below the high $8000 range. 

Better week for altcoins

It has been a tough few months for Altcoins, which have in many respects been written off as Bitcoin's dominance climbed dramatically towards 70 percent of the market. However, there have been a few stand out performers recently, flexing their muscles. 

Ethereum, for instance, is up over eight percent reaching a key milestone of $200 while Bitcoin Cash, Litecoin and XRP are all up  between between 6% and 8% on the day. In fact, there are no coins in the top 20 that are not seeing gains, and the biggest loser on the day Egrita, 40th in terms of market cap, is only down six percent. 

It remains to be seen if there will be an altcoin revival with Bitcoin looking set to make another small rally. Currently, it has been one or the other on the up and the technical analysis is still strongly in favour of Bitcoin.

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