Bitcoin Gets Decent Boost After Scaling the $10,800 Hurdle

Bitcoin Gets Decent Boost After Scaling the $10,800 Hurdle

Bitcoin (BTC) has finally broken above the $10,800 pivot point and is making healthy strides towards the $11,000 psychological line and above.

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.

BTCUSD – 4-Hour Chart

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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.