The Crypto Week – Bitcoin Hits $11,000 to Dominate the Market

Bitcoin hits $11,000 in a particularly bullish week for the cryptomarket, that drove the total market cap back through to $300bn levels.
Bob Mason
Bitcoin and Litecoin over dollar banknotes.

The crypto bulls are out in force this week.

Bitcoin rose by 5.1% to $10,744.0 on Saturday. Following on from a 6.86% rally on Friday, Bitcoin ended the day at $10,744.

A particularly bullish morning saw Bitcoin rally from an intraday low $10,080 to an early afternoon intraday high and new swing hi $11,232.

The rally saw Bitcoin break through the major resistance levels to touch $11,000 levels for the first time March 2018.

For the current week, Bitcoin was up by 19.6%, which came off the back of 5 days in the green out of the last 6.

The Rest of the Pack

Across the rest of the top 10 cryptos, it was bullish for all but one of the majors. Bucking the trend on the day was Binance Coin, which fell by 2.36%. In spite of the Saturday pullback, Binance Coin was up by 17.8%, Monday through Saturday.

Across the rest of the majors, Bitcoin Cash ABC led the way, rallying by 9.9% to hit $500 levels for the first time since the November hard fork.

Bitcoin Cash SV (+7.49%), Ripple’s XRP (+7.15%), and EOS (+6.22%) also saw solid gains on the day.

While Binance Coin saw red on the day, Litecoin continued to trail the majors, rising by just 1.6%.

For the current week, Bitcoin led the way with its 19.6% rally, Monday through Saturday. Binance Coin came in a close second, with its 17.8% gain.

Ethereum (+15%), Bitcoin Cash ABC (+12.5%), Bitcoin Cash SV (+11.2%), and Ripple’s XRP (+11.6%) also saw double-digit gains.

Stellar’s Lumen bucked the trend, falling by 1.03%, with Litecoin rising by just 3.26%.

The weeklong rally saw the total crypto market cap jump from a start of a week $285.84bn to an end of Saturday $329.55bn.

Sidelined investors returned to the market, with the 24-hour trading volume rising from $74.17bn to a Saturday high $98.25bn.

This Morning

At the time of writing, Bitcoin was down by 0.14% to $10,729.0. A mixed start to the day saw Bitcoin rise to a morning high $10,985.0 before falling to a low $10,687.0.

Bitcoin left the major support and resistance level untested in a relatively range-bound start to the day.

Elsewhere, Stellar’s Lumen was up by 3.19% to move into positive territory for the week.

Bitcoin Cash SV and Bitcoin Cash ABC also found early support, rising by 2.00% and 1.25% respectively.

Litecoin and EOS joined Bitcoin in the red early on, down by 0.26% and 0.04% respectively.

For the Day Ahead,

Bitcoin would need to steer clear of sub-$10,700 levels through the morning to support further upside on the day.

A move back through the morning high $10,985.0 to $11,000 levels would bring $11,200 levels into play.

Bitcoin would need support from the broader market, however, to take a run at the first major resistance level at $11,290.67.

A fall through $10,685 would bring the first major support level at $10,138.67 into play before any recovery.

Barring a crypto meltdown, Bitcoin will likely steer clear of sub-$10,000 levels on the day.

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