Bitcoin price (BTC/USD) holds above $11,000, but stiff resistance impedes further progress

The original cryptocurrency has failed to break through the $11,600 barrier

Bitcoin price (BTC/USD) holds above $11,000, but stiff resistance impedes further progress

While over the past few days the Bitcoin price (BTC/USD) has seemingly secured a stable position above $11,000, it has failed to challenge the next major barrier in a significant way.

Yesterday, the original cryptocurrency notched up its highest close since February 18 by finishing the session at $11,512.60, according to data from cryptocurrency tracker Coinmarketcap. This was largely thanks to a price hike that occurred in the latter part of yesterday’s trading.

Despite the strong finish, Bitcoin has traded mostly sideways on Monday, unable to extend its run beyond the $11,500 region. The Bitcoin price hit a near two-week high of $11,569.80 earlier in the session, but is currently hovering just above the $11,500 mark.

The cryptocurrency’s performance followed a similar pattern on Saturday, when a promising rally fizzled out in the low $11,500 area.

Last week, DataTrek Research co-founder Nick Colas told CNBC that for another breakout to happen, Bitcoin would need to be adopted as payment method by a major retailer such as Amazon. Right now, price volatility and underdeveloped technology is a roadblock, he told the business news outlet.

In today’s trading, the Bitcoin price stood at $11,504.70, as of 15:42 GMT. The digital coin has gained 2.8% in the past 24 hours, according to Coinmarketcap. Its market capitalisation currently stands at $194.4 billion, which represents 41.3% of the value of all digital currencies.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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