Bitcoin
$ 35,620
Ethereum
$ 1,135.9
Litecoin
$ 140.21

Bitcoin Broke Through $11,000. Where Is It Headed Next?

Bitcoin prices surpassed $11,000 earlier today, and have been fluctuating close to that level ever since.

The digital currency reached an intra-day high of $11,103.80 close to noon EST on CoinDesk, reaching its highest since September 3, before falling below $11,000 and quickly recovering to nearly $11,100.

After climbing past $11,000 and experiencing some characteristic volatility, where will the digital currency go next?

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

“For now, $11k remains a ceiling until Bitcoin crosses it, closes a daily candle above it and then successfully tests it for support the next day,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.

“Meanwhile the 20-day moving average support at $10.7K remains valid,” he added.

DiPasquale emphasized the progress the digital currency has made lately, stating that:

“Finally, the fact that Bitcoin did not drop below $10,000 in the past two weeks should inspire confidence in the level’s strength as an established support!”

Tim Enneking, managing director of Digital Capital Management, also spoke to development.

“$10k has now been established as a truly strong support level (even if the futures gap at $9.7k is filled, the price will only dip down to that level briefly).”

However, he emphasized that bitcoin could face significant resistance around the $12,000 level, which he described as a “a whole other story.”

“There is major, long-term resistance at $12k,” Enneking claimed.

“Assuming that resistance turns into support (probably in early Q4), then the $14k wall looms – although it may prove to be less of a barrier than $10k was and $12k looks to be and simply be a step on the run to the ATH.”

Regardless of what challenges bitcoin prices encounter in the coming months, he offered a bullish assessment for the world’s most prominent digital currency.

“Given the current macro environment and all of the fiat institutions and writers who now recommend that BTC be a part of every portfolio, the odds are clearly stacked in favor of a BTC continuation upwards,” said Enneking.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Anchorage Obtains Federal License to Operate as Crypto Bank
January 15, 2021By
Bitcoin For Corporations: Microstrategy CEO, Michael Saylor Amongst Others To Host Online Course In February
January 15, 2021By
Grayscale Investments Terminates XRP Trust Citing Impact of SEC Lawsuit Against Ripple
January 15, 2021By

Advertisement

Video Posts

In
The Future of Blockchain and Crypto in 2021
January 13, 20210
In
Importance Of Blockchain and Crypto Education
January 12, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin35,620 1.18 % 9.43 % 9.93 %
Ethereum1,135.9 0.33 % 5.99 % 7.61 %
Tether1.000 0.39 % 0.19 % 0.07 %
Polkadot13.32 5.29 % 6.56 % 38.08 %
XRP0.2779 1.27 % 5.63 % 14.61 %
Cardano0.3007 1.33 % 2.84 % 0.06 %
Litecoin140.21 1.77 % 7.86 % 17.70 %
Bitcoin Cash479.12 0.84 % 8.82 % 6.34 %
Chainlink19.54 1.62 % 14.57 % 21.67 %
Stellar0.2790 1.68 % 6.95 % 11.16 %