The Bitcoin price (BTC/USD) seems to have secured a stable position above the $11,000 mark, but a sharp drop is not out of the question just yet.
The original cryptocurrency has enjoyed strong positive price action over the past 24 hours, which has helped it recover from its most recent correction. Yesterday, BTC gained more than $1,000 throughout the trading session, which allowed it to not only retake the $11,000 level, but also move within striking distance of the $12,000 mark. The coin finished the session at $11,961.27, up from its opening price of $10,818.16.
The coin has edged lower in today’s trading, pulling back to the $11,600-11,800 range during the opening hours of the session. At the time of writing, the Bitcoin price was hovering around $11,600, according to data from digital currency tracker Coinmarketcap.
According to industry website Coindesk, despite the rebound, Bitcoin might still experience significant price drops.
“The outlook, however, would only turn bullish once the bearish lower-highs pattern is invalidated with a move above $12,448. A breakout, if confirmed, could be followed by a rise to or above the recent high of $13,880,” the online publication wrote in a technical analysis piece published yesterday.
“Bitcoin could fall back to $9,600 if prices fail to hold above $10,830 in the next 24 hours, validating the bearish crossover of the 5- and 10-day moving averages,” Coindesk added.
However, the website also noted that the latest move forward had established strong support at $9,600.
In today’s trading, the Bitcoin price stood at $11,655.94, as of 12:31 BST. The digital currency has gained 3.1% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $207.4 billion, which represents 62.9% of the combined value of all digital currencies.
Featured image: Jaruwan Jaiyangyuen/Shutterstock.com
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