Bitcoin price nears $ 11K for the first time in a year
Who said Bitcoin was boring and stable? The cryptocurrency that started it all broke a major resistance marker today and hit a new yearly high.
Bitcoin price is no longer “boring and stable”.
The most important cryptocurrency in the ecosystem is moving. And to the delight of HODLers everywhere, that advance is upward. BTC is now close to crossing the $ 11,000 mark for the first time in nearly a year. For the past two months, Bitcoin has been trading trendlessly between $ 9,000 and $ 10,000. And in the past 30 days, that band tightened even further, and Bitcoin generally held below $ 9,500. It was an almost historical period of stability for the currency, so much so that Binance CEO Changpeng Zhao jokingly said that traders had become accustomed to calling Bitcoin “stablecoin”.
All of that changed over the weekend. Bitcoin (finally) managed to break through this barrier, closing at around $ 9,700. And the uptrend continued.
Bitcoin broke $ 10,000 a coin on Sunday for the first time in two months. The momentum spurred the entire crypto market, with Ethereum hitting a new annual record.
According to market analysts who spoke to Bloomberg, if Bitcoin continues this trend and manages to pass the $ 10,500 mark, the future could be very bright. That price range “remains a resistance band that Bitcoin will have to overcome to signal its next move to resistance at $ 13,800,” said Rob Sluymer, technical strategist at Fundstrat Global Advisors.
That prediction could hold. Bitcoin bulls managed to raise the price to $ 10,950 before a small correction. The last time Bitcoin was above that price was on August 11, 2019.
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