Friday, November 27, 2020
Home XRP - Top 10 Bored with Bitcoin price, traders chase gains in altcoins and DeFi tokens

Bored with Bitcoin price, traders chase gains in altcoins and DeFi tokens

For the few weeks Bitcoin (BTC) price has moved within a $850 range and recently the price resumed the trend of daily higher lows. 

Despite this, $11,000 remains a hurdle the price has struggled to overcome but one positive is that altcoins are beginning to recover some of the hefty losses of the past few weeks. 

Cryptocurrency daily market performance snapshot

Cryptocurrency daily market performance snapshot. Source: Coin360

Perhaps now that CME Bitcoin options closed without any major disruption and a new month on the verge of beginning, Bitcoin price can make a move higher and finally clear the $11K resistance. 

The weekly time frame shows strong support from $10,000-$10,500 and as Cointelegraph contributor Rakesh Upadhyay noted

“Bulls have consistently purchased dips to and below $10K and this psychologically important level may now act as a floor for launching the next leg of the uptrend.”

As the chart shows, $11,000-$11,200 has been a difficult zone to overcome and risk averse traders are likely waiting for $12,000 to turn from resistance to support before opening new positions. 

BTC/USDT weekly chart

BTC/USDT weekly chart

BTC/USDT weekly chart. Source: TradingView

While $10,000 has held as a solid level of support since the price made a double bottom at $9,800, a revisit to the high volume VPVR node at $9,500 is possible if BTC breaks the pattern of lower highs by falling below the ascending trendline to $10,100.  

This seems unlikely given that bulls have defended the $10K level quite vigorously over the past two weeks. 

BTC/USDT daily chart

BTC/USDT daily chart

BTC/USDT daily chart. Source: TradingView

Ultimately, not much has changed and Bitcoin price simply continue to slowly grind higher. In the event of a breakout with sustained purchasing from bulls, Bitcoin price could push through the $11K resistance to attempt a higher high above $11,400. 

As shown on the daily timeframe, on Sept. 3 Bitcoin price dropped 13.3% from $11,400 and the high volume VPVR node at this level suggests it will now function as resistance. 

Bitcoin price daily performance

Bitcoin price daily performance

Bitcoin price daily performance. Source: Coin360

While Bitcoin price continues to consolidate, altcoins moved a tad bit higher. At the time of writing Polkadot (DOT) has gained 4.99%, OMG Network (OMG) is up 25.18%, and Maker (MKR) has added 6.09%.  

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $343.7 billion and Bitcoin’s dominance index is currently at 57.5%.

Keep track of top crypto markets in real time here

Popular Articles

Bitcoin And Crypto Black Friday 2020 Deals And Discounts

Today is the day after Thanksgiving in the United States, also known as Black Friday – a day when retailers everywhere offer the year’s...

Compound Founder claims ‘adverse market conditions’ caused DAI liquidation

Thanksgiving was an eventful day in terms of the overall market movement, as Bitcoin dropped to $16k levels, witnessing its largest single-day drop since...

XRP, Monero, Dogecoin Price Analysis: 27 November

With a drop in Bitcoin’s price in the past 48-hours, most of the market’s altcoins have been facing strong corrections. At press time Bitcoin...

Proposal Suggests How Ethereum May be Folded Into Eth 2.0

As the launch of Ethereum 2.0’s Beacon Chain draws near, developer Mikhail Kalinin has published a new proposal yesterday that aims to relieve the...

CME overtakes OKEx as largest Bitcoin futures market

CME Group has become the world’s largest Bitcoin (BTC) futures market following a surge in open interest over the past month, industry data shows.  In...

Price analysis 11/27: BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, XLM, BNB

Bitcoin’s (BTC) rise above $20,000 will have to wait as the price saw a strong correction which and turned away from reaching a new...