Bitcoin hits $11,000. Will the Bitcoin Bulls still be there on Saturday?

Bitcoin’s on the move, while the rest of the crypto majors struggle through the early part of the day. A key test will be for Bitcoin to hold on to $11.000 levels going into the weekend, with a weekend rally giving hope of $12,000 before an end of weekend sell-off.
Bob Mason
BTC/USD weekly chart, February 19, 2018
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Bitcoin saw sentiment turn bullish at the start of the month, with Bitcoin managing to reverse Wednesday’s 2.46% loss, rising by 5.91% to an end of day $10,924.88.

While Bitcoin managed to break back through to $11,000 levels late in the day, with an intraday high $11,090, it fell short of testing its first major resistance level of $11,269, as investors locked in profits for the day.

There was no material negative news to attribute the pullback to, with investors able to brush off the opinions of the Bill Gates and Warren Buffets of this world, who continue to downplay the value of Bitcoin and the rest of the cryptocurrencies.

Sentiment towards crypto government oversight remains the key driver near-term and, while there was more details of the SEC’s probe into the initial coin offering market in the U.S and cryptocurrencies in general, there was nothing new to lead to a tumble to sub-$6,000 levels seen last month.

It was a choppy start to the day on Thursday however, with Bitcoin hitting an intraday low $10,223.41 before support kicked in.

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At the time of writing, Bitcoin was up 1.49% to $11,065.49, with Bitcoin having hit an intraday high $11,175 in the early part of the morning, falling short of its first major resistance level of $11,269, before pulling back to an intraday low $10,899.09.

We’ve seen Bitcoin recover however, with Bitcoin’s fall through to its 23.6% FIB Retracement level of $10,950.43 bringing in buyers, leading Bitcoin’s move back to $11,000 levels.

While the bullish trend was intact through Thursday and the early part of the day, sentiment across the cryptomarkets has been mixed this morning, which could see Bitcoin struggle to hold on to current levels going into the weekend.

For the day ahead, a move back through today’s intraday high $11,175 would support a push towards its first major support level of $11,269, though we can expect plenty of resistance at these levels.

A pullback to sub-$11,000 levels could see Bitcoin fall back through its 23.6% FIB Retracement level and test buying appetite at its 38.2% FIB Retracement level of $10,811.49, both levels sitting well above its first major support level of $10,402.

Looking across the Cboe Bitcoin Futures March contract, $11,000 levels are currently supported, with the March contract up $65 to $11,090 at the time of writing, though direction of the March contract through the day will have some influence on appetite ahead of the close.

Any negative news through the day would certainly support a pullback, though with the Asian session coming to a close and with the news from the SEC having already hit the news wires earlier in the week, any major pullback should be less likely.

Across the rest of the majors, Bitcoin Cash and Ethereum were the only other front runners in positive territory this morning, with Stellar’s Lumen, Cardano and NEM’s XEM seeing heavy losses, Stellar’s Lumen leading the way down, with a 3.78% fall at the time of writing.

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