The past couple of trading sessions have seen the Bitcoin price (BTC/USD) swinging between gains and losses, while attempting to establish itself above the key technical level of $11,000.
The original cryptocurrency gained nearly $1,000 on Saturday to notch up its first close above the $11,000 level since January 29. The digital coin continued its advance during yesterday’s early trading, hitting a near three-week high of $11,349.80. However, a sudden shift in momentum saw Bitcoin dropping below $11,000 in subsequent trading. The cryptocurrency ended the Sunday session at $10,551.80, down from its opening level of $11,123.40.
The momentum has sifted again in today’ trading, allowing Bitcoin to launch another attempt at securing a stable position above the $11,000 mark. At the time of writing, the Bitcoin price was hovering around $11,020, according to data from cryptocurrency tracker Coinmarketcap.
In a recent client note focusing on Bitcoin’s performance, Bespoke Investment Group highlighted he cryptocurrency’s bullish move above $9,000 and identified $11,000 as the next key level from a technical perspective. “We'd expect it to act as resistance if it is tested again in the near future," the investment firm said.
In today’s trading, the Bitcoin price stood at $11,018.80, as of 10:52 GMT. The digital currency has gained 4.4% in the past 24 hours, Coinmarketcap data shows. The digital coin’s total market cap currently stand at $185.9 billion, which represents 37.1% of the total value of all cryptocurrencies.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.