Bitcoin price bullish trend intact even after BTC $ 11.4K retests – Cointelegraph

  • Bitcoin (BTC) price quickly fell to $ 11,322 after hitting a daily high of $ 11,909

  • The drop came as jobless claims in the United States fell to $ 1.2 million, but the failure of lawmakers to strike a deal on the next coronavirus stimulus package has worried some investors

  • Despite the pullback of the $ 11.4K support, the price of Bitcoin remains in an uptrend

Crypto Market Daily Price Chart

Crypto Market Daily Price Chart. Source: Coin360

Earlier today, the price of Bitcoin (BTC) dropped sharply to $ 11,322 after hitting $ 11,909.

The slight correction came as jobless claims in the U.S. fell to 1.2 million and U.S. markets opened slightly in the red, but at the end of the day the Dow and S&P 500 closed. with a gain of 0.7% and 0.17%.

Meanwhile, the NASDAQ continued to climb, ending the day with a gain of 1.66%.

As stocks continue to rise each week, the collapse of talks among U.S. lawmakers trying to negotiate the next phase of the coronavirus economic recovery could weigh on investor confidence and cause markets to open in the red the next week.

4 hour BTC / USD chart

4 hour BTC / USD chart. Source: TradingView

Traders will note that the BTC price had started to lose momentum around $ 11,800 and once the price fell below the high volume VPVR node at $ 11,583 the price quickly fell to retest support at $ 11,400. .

While impractical for some, today’s pullback should come as no surprise as its routine for lower Bitcoin price levels to confirm that an old resistance level is now functioning as support.

At the time of writing, BTC is holding above $ 11,650, but a drop below $ 11,500 and the $ 11,400 support could cause another drop to $ 11,200.

As long as the price holds above $ 11,100, the trend for higher lows remains which means the uptrend remains intact.

Bitcoin Daily Price Graph

Bitcoin daily price chart. Source: Coin360

Surprisingly, as the price of Bitcoin fell 4.89%, altcoins held up relatively well, with the exception of Ether (ETH) which fell 8.76% to $ 362.35 before rising again. at $ 379.80.

At the time of writing, Cardano (ADA) is down 4.19%, XPR is down 3.03% and Tezos (XTZ) is down 5.99% to trade at $ 3.05 .

According to CoinMarketCap, the overall cryptocurrency market capitalization now stands at $ 350.7 billion. Bitcoin’s Dominance Index is currently 61.1%.

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