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Bitcoin Breaks $11k As New Support Forms And Analysts Turn Bullish

February 20, 2018

 

Monday, Feb. 19: the Bitcoin price has surpassed $11,000 twice since Sunday as bullish sentiment returns to markets and new support begins to form.

 

Data from Cointelegraph’s price index shows a BTC/USD journey to a high of $11,190.10 Feb. 18, followed by a smaller peak above the significant barrier Monday at $11,001.45.

 

Optimism is flowing after Bitcoin broke through resistance surrounding $10,000 Feb. 16, the threshold subsequently forming a support floor with prices staying above it as of press time.

 

The move upwards broadly reflects predictions by well-known cryptocurrency price analyst Tone Vays, who in various recent forecasts warned of volatility around $10,000 and a repositioning of support floors.

 

Now, “clear” support and resistance will make future price action “more predictable” going forward, he says, noting the “bullish” trend in both daily and weekly charts as the week begins.

 

Bitcoin has outperformed the majority of the top 50 altcoin assets tracked by Coinmarketcap in USD terms over the past 24 hours.

 

Ethereum Classic (ETC) has been a notable exception, gaining 11% on BTC since Sunday amid a trading uptick following a social media plug by major proponent Barry Silbert Feb. 12.

 

Silbert had attributed Bitcoin’s latest rise to the effect of its appearance on US talk show Ellen late last week, in which host Ellen DeGeneres briefly explained what Bitcoin is to millions of viewers.

 

Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC) meanwhile lost around 2% against BTC during the same period.

 

By William Suberg

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