After weeks of wild trading, crypto bulls have found their mark and unleashed a volley of upward momentum that pushed bitcoin (BTC) to a crucial $11,000 level, and how it clings on to this price threshold could be suggestive of a longer-term pattern.
Bitcoin has continued to ramp up its pace today, coming in comfortably at $11,000 region, which has enjoyed a major bullish trajectory in the past few days, soaring 15% from around $9,550 to nearly $11,000. During the last 24-hour session, the crypto has grown steadily, rallying by 1.7% to $10,945, Monday morning.
The cryptocurrency marketplace has extricated itself from the negative red zone after the most talked-about virtual currency hit the critical $11,000 mark, a development that served as a spark plug for bitcoin bulls and the technical conditions of the market as a whole.
The total market capitalization of all electronic assets currently changing hands in major trading floors exceeded the $300-billion level for the first time since the middle of July, while BTC's market share rose above 68%. Bitcoin's strong rebound has been impressive as the decisive pattern above $11,000 lured in new clients to the market and helped create a healthy upward rhythm.
Bitcoin retracted and was retested along the $10,610 zone on August 4, then went on to breach above $11,000, almost 10 hours following its latest sell-off. The crypto was last seen trading at $11,226 after a robust trajectory that broke above the $11,050 mark.
Bitcoin has likewise been buoyed by almost $4 billion in total volume over a 24-hour session, suggesting a need for higher levels in order to maintain any further breakouts to recent resistances witnessed at $11,410 and $11,880, but considering Monday's pattern that is clearly plausible.
As this developed, other major counterparts are blinking green with TRON (TRX), Tezos (XTZ), and Ether (ETH), advancing between 1.6 and 4 percent, respectively. Ether (ETH), the second-biggest crypto in terms of market cap, fell almost 0.8% and traded at $219.96. XRP, the third top crypto by market cap, is seeing some rally early Monday, climbing 1.77% to $0.321 in the last 24 hours.
In hindsight, Bitcoin is still a far cry from its 2019 peak of $13,800, and it is crucial that it records a steady pace above $11,000 or else the crypto may face a difficult situation of selling pressure that could push it back again in the deep.
On Friday, hardcore Bitcoin bull Max Keiser predicted on Twitter that the crypto will breach the $15,000 level this week, stressing that trust in centralized currency and banks is now falling.
