U.S. Markets open in 1 hr 47 mins
  • S&P Futures

    3,421.50
    -30.25 (-0.88%)
     
  • Dow Futures

    27,922.00
    -267.00 (-0.95%)
     
  • Nasdaq Futures

    11,581.75
    -81.75 (-0.70%)
     
  • Russell 2000 Futures

    1,615.90
    -19.70 (-1.20%)
     
  • Crude Oil

    39.02
    -0.83 (-2.08%)
     
  • Gold

    1,906.50
    +1.30 (+0.07%)
     
  • Silver

    24.39
    -0.28 (-1.16%)
     
  • EUR/USD

    1.1829
    -0.0039 (-0.3312%)
     
  • 10-Yr Bond

    0.8410
    0.0000 (0.00%)
     
  • Vix

    29.71
    +1.60 (+5.69%)
     
  • GBP/USD

    1.3058
    +0.0019 (+0.1489%)
     
  • USD/JPY

    104.8530
    +0.1630 (+0.1557%)
     
  • BTC-USD

    13,140.64
    +63.62 (+0.49%)
     
  • CMC Crypto 200

    263.61
    +2.15 (+0.82%)
     
  • FTSE 100

    5,850.18
    -10.10 (-0.17%)
     
  • Nikkei 225

    23,494.34
    -22.25 (-0.09%)
     

Bitcoin Rises Back to $11K Despite Signs of Indecision in the Market

Omkar Godbole
·2 mins read

Bitcoin is again looking to establish a foothold above $11,000 on Friday, although the technical charts are anything but stridently bullish.

  • The leading cryptocurrency by market value is trading just over $11,000 at press time, having found bids below $10,800 on Thursday, according to CoinDesk’s Bitcoin Price Index.

  • Buyers, however, have been struggling to keep prices above $11,000 over the last few days.

  • The cryptocurrency clocked highs of $11,104 and $11,050 on Wednesday and Thursday, respectively, but printed a UTC closing price below $11,000 on both occasions.

  • Notably, bitcoin created a doji candle on Thursday, as it swung both ways before ending the day on a flat note.

  • A doji shows both buyers and sellers are not willing to lead the price action.

  • However, new investors are entering the market at a faster pace and one may expect bitcoin to post sustainable gains above $11,000.

  • On the other hand, on-chain analyst Cole Garner believes the recent spike in bitcoin outflows from miner wallets to exchanges is a cause for concern for traders expecting a continued price recovery.

  • According to data source Glassnode, 1,113.85 BTC were transferred to exchange wallets from miner wallets on Sept. 13 – the biggest single day outflow since December.

  • An increased supply of bitcoin moving onto exchanges suggests increased selling pressure.

  • So far, however, bitcoin has largely remained resilient and is up 6% this week.

  • This may have been helped by investors moving money out of alternative cryptocurrencies and into bitcoin, according to Patrick Heusser, a senior cryptocurrency trader at Zurich-based Crypto Broker AG, told CoinDesk in a Twitter chat.

  • Indeed, major alternative cryptocurrencies such as ether (ETH), bitcoin cash (BCH) and litecoin (LTC) have depreciated by 2% to 5% against bitcoin in the past seven days. Chainlink’s LINK token is down 17%, according to data source Messari.

  • Should the latest indecisive price action end with an upward move, the focus would shift to the next hurdle at $11,200. That level served as strong support in August.

  • Thursday’s low of $10,765 is the level to defend for the bulls.

Also read: Bitcoin ‘Young Investment’ Wallets at Highest Level Since February 2018

Related Stories