The Bitcoin price (BTC/USD) is fighting to defend the $11,000 amid continuing selling pressure and a downbeat crypto market.
The original cryptocurrency had a poor session on Monday, as it abandoned its attempts to recapture the $11,500 mark during the early hours of trading. The digital coin spent the rest of the morning session moving on a downward trajectory. After falling to an intraday low of $11,320.95, the coin experienced a slight uptick, which allowed it to temporarily retake the $11,400 level. However, BTC eventually closed the session at $11,382.62, well below its opening level of $11,528.19.
Bitcoin saw further losses in today’s morning session, when its price fell to an eight-day low of $11,238.45. While the coin has edged slightly higher in subsequent trading, it hasn’t been able to return above the $11,300 mark. At the time of writing, the Bitcoin price was hovering around the $11,250 level, according to data from digital currency tracker Coinmarketcap.
While Bitcoin hasn’t performed well in the past few weeks, the coin’s struggles present a buying opportunity for crypto investors, according to US banking giant Goldman Sachs. Technical analysts at the bank said in a recent note to clients that their short-term target for BTC was $13,971. The note forecast that the coin would find support at $11,094 and that there was a room for advancing towards the $12,916 and then the $13,971 marks.
“Any such retracement from $12,916-$13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the $9,084 low,” the analysts wrote, as quoted by industry website Coindesk, which reported on the story.
In today’s trading, the Bitcoin price stood at $11,248.56, as of 14:02 BST. The digital currency has lost just over 1% of its value in the past 24 hours. The coin’s total market cap currently stands at $201 billion, which represents 68.6% of the combined value of all digital currencies.
Featured image: Igor Batrakov / Shutterstock.com
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