Bitcoin Eyes $11,000 with Bitcoin Dominance on the Rise

Bitcoin is on the up and has $11,000 in its sights as the cryptomarket continues to move ahead in the early part of the weekend.
Bob Mason
BTC/USD daily chart, February 16, 2018
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A solid week for Bitcoin, which gained 26% Monday through to Friday’s $10,204.85 close, with Bitcoin managing to recover to $10,000 levels for the first time since the early February sell-off kicked in.

Bitcoin gained just 1.93% on Friday, but the key consideration is the fact that Bitcoin managed to hold on to $10,000 going into the weekend, with Cboe Bitcoin futures closing out Friday up $55 to $10,150.

Following a 6th February low $5,920.72, the recovery has been a gradual one and with it, Bitcoin seems to have found a new base level, with plenty of support sitting at sub-$10,000 levels.

Interestingly, while the cryptomarket breathed a sigh of relief last week, with the total cryptomarket cap rising from Monday’s $409.88bn to $502.2bn at the time of writing, Bitcoin’s dominance has also been on the rise, hitting 36.2% this morning.

In the weeks prior, Bitcoin dominance was attributed to negative sentiment, but times have changed and this could be off the back of Bitcoin being included in Coinbase’s commerce software that allows businesses to be paid in Bitcoin, Bitcoin Cash, Litecoin and Ethereum.

When considering Bitcoin’s standing in the cryptoworld, the Coinbase offering certainly brings the crypto one step closer to the mainstream, the only real issue remaining being the fact that the value of Bitcoin and the other cryptos continue to see sizeable fluctuations, with outside forces able to influence and even manipulate.

The cryptoworld gets more and more interesting each day and we can expect other payment platforms that facilitate payment with true cryptocurrencies to continue hitting the market, which can only be a good thing for the likes of Bitcoin.

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With a lack of regulatory chatter to influence investor sentiment through the weekend, it’s been a positive start to the day, with Bitcoin up 4.61% to $10,666.49.

Bitcoin hit an intraday high $10,780.14 this morning, breaking through its first and second resistance levels before easing back.

A move back through to today’s intraday high would support a run at $11,000 and, while we can expect plenty of resistance at $11,000, the weekend phenomena may be just the tonic needed to pull Bitcoin through.

We will expect Bitcoin to continue to find plenty of support at sub-$10,000 levels, with Bitcoin’s first support level sitting at $9,842. It would be quite a turnaround for Bitcoin to open Monday at $11,000 levels, when considering the amount of bad press the cryptomarket received through the start of the year.

Investors are returning and Bitcoin has yet to lose its sparkle, with Bitcoin’s market cap rising from a 2018 low $103bn to $178bn this morning.

Elsewhere, Stella Lumens is up 4.84%, with Ethereum up 3.06%, Ethereum not only finding continued support from the Initial Coin Offering market, but also from its inclusion in Coinbase’s commerce software offering.

Onwards and upwards, but not without volatility is the order of the day and Bitcoin $11,000 could well entice more investors back into the market.

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