Bitcoin rate again marks the psychological level of $ 12,000

Bitcoin rate again marks the psychological level of $ 12,000
CONTENT

  • The main cryptocurrency is again marking time near the intermediate resistance of $ 11 800

  • The recent collapse of the bitcoin rate could not spoil the mood of market participants

  • Open interest in bitcoin futures hits all-time high

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Bitcoin continues to climb alongside altcoins and looks to be preparing for yet another attempt to break the coveted $ 12,000 level.

Bitcoin rate again marks the psychological level of $ 12,000

Bitcoin (BTC) rose noticeably in trading on August 5, rising from $ 11,090 to $ 11,731, having rolled back slightly below $ 11,700 by the close. Today, the main cryptocurrency is again marking time near the intermediate resistance of $ 11,800, a breakout of which will clear the way to $ 12,000. Earlier, BTC received support around $ 11,500.

Yesterday’s gain of over 6% was a significant push for the coin as quotes returned outside the $ 11,500 level that has held back bulls since the start of the week..

On the 4-hour charts, the price has settled above the 50-SMA, however, for a more confident positive picture, a breakdown of the $ 11 800 resistance mentioned above is required.

Bitcoin rate again marks the psychological level of $ 12,000

The recent collapse of the bitcoin rate, which occurred on August 2, could not spoil the mood of market participants, which is confirmed by the current dynamics of the number one cryptocurrency. Despite an uneven correction, quotes continue to head north, recovering from aggressive sales, during which BTC plummeted by $ 1,500 in a matter of minutes.

At the same time, in early August, open interest in bitcoin futures on major trading floors renewed its all-time high of $ 5.6 billion, breaking the previous record of $ 5.36 billion recorded in February. All this speaks of the growing interest of investors in cryptocurrency and derivatives..

While Bitcoin consolidated at the start of the week, many altcoins gained weight well, and a few coins showed double-digit gains as BTC returned to the $ 11,750 area. For example, Zcash gained almost 8% and Band Protocol jumped more than 39%. The Bitcoin dominance index is currently at around 61%, and the capitalization of the cryptocurrency market is slightly below $ 350 billion.

 

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