Bitcoin rose more than 12%, reaching a high of $ 11,395, while market dominance rose to 64%
Bitcoin breached $ 11,000, rising almost 13% in 24 hours on the way to a $ 11,395 high. Bitcoin closed above $ 11,000 yesterday, establishing a bullish bias for investors looking to a positive increase.
A close of $ 11,032 also meant that the $ 1,095 bitcoin candle on the daily chart was the best intraday action since April 2019.
The peak represents a long-term resistance break of around $ 11,377, as can be seen in the chart below.
Although the time for top-rated cryptocurrency has slowed slightly until the time of writing, bulls are determined to hit a new high near $ 12,000.
According to Josh Rager, from Blockroots, a similar move in April last year, which included a $ 1,000 candle, was responsible for bulls rising and saw the 2018-2019 bear market stall.
Bitcoin’s on-chain activity has also seen a significant increase in the past few days, especially after BTC / USD broke above the $ 9,500 resistance line en route to breach $ 10,000. According to data from Glassnode, foreign exchange inflows and outflows increased by 52.20% and 58.34%, respectively, in the last 24 hours.
Bitcoin’s dominance has also increased in the past two days, with most altcoins continuing to combat growing selling pressure. One indicator of greater interest in the main cryptocurrency, the dominance metric, has risen above 64% in the past 24 hours, as more buyers enter the Bitcoin market.
The dominance index recently fell below 62%, but remained crucially above 61.5%, which marks the last time that BTC / USD traded near the highs of $ 13,900.
Importantly, every time the domain fell below 62%, Bitcoin recovered for several weeks later.
To date, the BTC / USD pair is trading around $ 10,950 and is up 7% above the day. The bulls, however, are eyeing another close above $ 11,000 to put themselves in a better position to climb further.
A look at the charts shows that if Bitcoin reaches an increase in the volume of purchases, the digital asset could rise to $ 12,300. This is the level that is likely to offer the first major area of resistance after higher prices.
The RSI is showing signs of bullishness, despite reaching 82 points on the daily chart. The indicator is also overbought on the weekly charts, but has not yet been printed in excessive territory.
The MACD is equally optimistic on the daily and weekly price charts, with the main barriers to any increase above the August 2019 highs close to $ 13,000.