Bitcoin’s price has stable itself around $11,400 after rising over $11,500. Following Bitcoin, the majority of the largest coins by market cap have lost their value including Ethereum and Ripple in a daily run.
In the previous 24-hours, the top digital asset jumped to $11,500 but then it retraced and stopped at $11,400. In top altcoins, Ethereum lost 1.16% and XRP plunged 2.57% in the past 24-hours.
Yesterday, the US president Donald Trump hinted at a new stimulus package but the leading digital currency remained at $11,400 instead of decreasing in value.
After dumping many times, Bitcoin has retained $11,400 every time. It shows buyers are not willing to send Bitcoin’s price value downward. Based on technical analysis, primary cryptocurrency could see support levels at $11,200 and $11,050. Some resistance levels, such as $11,464, $11,500, and $11,600, can resist it from going upward.
At press time, Bitcoin is exchanging hands at $11,403 after a slight decrease of 0.11% over the last 24-hours. However, on the weekly timeframe, it is still up by 7.28% which is a bullish signal for the crypto community.
$11,500: Strong Resistance Level
There are some reasons why Bitcoin rejected from $11,500. The US markets slumped and Dow Jones Industrial Average decreased by 0.58%. Following the US markets, Bitcoin suddenly dropped from $11,518 to $11,370. However, a recent report said there is a negligible correlation between Bitcoin and other traditional assets in a long-term perspective. Market on-chain analytics observed a significant selling pressure over derivatives trading platform BitMEX. As the price is rejected repeatedly from $11,500, it has become a strong resistance level. In order to see the next rally, bulls have to break this level.
In the top five altcoins, Ethereum (ETH) and Ripple (XRP) have decreased in value. According to CoinMarketCap, XRP plunged by 2.57% while ETH coin decreased by 1.16% in the last 24-hours. However, the weekly performance of some coins is outstanding. For instance, Ethereum has surged by 11.85% over the last seven days.
Bitcoin Cash (BCH) has shown outstanding performance as it has surged by 3.65% over the last 24-hours and 16.99% over the last seven days.