About $9 billion has been poured back into the global crypto market in the past 24 hours as the benchmark cryptocurrency clocked $10,900 for the first time in several days. Also, over $9 million worth of short positions has been liquidated on BitMEX according to a report from Datamish.
Also, several other altcoins are taking advantage of BTC’s bounce and are making decent strides as well.
Meanwhile, bears are still putting up a good fight and have been facilitating heavy BTC supply at the $10,900 level.
Key BTC Levels to Watch
Looking at our 4-hour chart, we can deduce that bulls are trying to facilitate another strong bounce from the $10,832 region. This level appears to be heavily laden with BTC demand and could help the cryptocurrency reclaim the $11k price tag soon. However, if bears succeed in defending the $10,900 supply level, we could see a slight retrace back into the $10,800 – $10,500 pivot zone. After the $10,800 level, immediate support can be found at the 100 SMA line at $10,690, followed by the 50 SMA line at $10,630.
On the flip side, if bulls manage to scale the $10,900 (which seems very likely), we could get a retest of the $11,150-200 strong resistance area once again.
Total market capital: $350 billion
Bitcoin market capital: $201 billion
Bitcoin dominance: 57.4%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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