Bitcoin over 11400 USD
The bulls screwed the BTC price above the important resistance at 11400 USD on Sunday. A strong opening on Wall Street could push the market’s leader closer to the USD 12000 barrier around Monday. At the same time, alternative assets could end the week with handsome gains. We take a look at the current market situation.
Bitcoin price in detail
At the time of writing, Bitcoin is quoted at USD 11439, which represents a daily increase of 0.24%. This means that the bulls can confirm the jump over the trend line at 11400 USD. Now investors are focusing on the resistances at 11600 USD and 11800 USD. The CME Gap at 11100 USD was not closed over the weekend and the negative headlines around OKEx have had only a short-term impact on the price of the No.1 crypto currency.
Bitcoin appears stable
The “digital gold” presents itself these days as an extremely stable asset. Several messages played into the cards for the bears. The BitMEX indictment, the KuCoin hack and the payout block of OKEx would have had a much stronger impact on the leading crypto currencies in other days. And the rising number of new coronavirus infections and the tug-of-war over the stimulus packages did not leave any serious traces either. Due to the low volatility, risk-averse investors are gaining more and more confidence in Bitcoin these days. After breaking through the magic 10000 barrier, the mainstream media are increasingly reporting on emerging block chain technologies. All these developments benefit crypto space. However, on Monday, investors’ focus will once again be on Wall Street.
What does the S&P 500 do?
Despite the positive developments, crypto-space is still a marginal market with a market cap of approximately USD 360 billion. Time and again, experts report on the high correlation to the traditional markets. In particular, the S&P 500 is regarded as the trend-setting index for Bitcoin & Co.
A Bitcoin Dominance Index of 58.9% illustrates the distribution of roles between Bitcoin and alternative assets. The latter can profit on Sunday from the upward trend of the First Mover. Ethereum (current price: 375 USD) is heading straight for the important 400 USD mark with a daily profit of 2.32%. Further down the line, coins such as LINK (+ 3.43 %), Polkadot (+ 3.26 %) and NEO (+ 2.45 %) are attracting attention.