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Bitcoin Price Eyes New 2020 High Once Bulls broke $ 11.8K resistance

The price of bitcoin (BTC) rose on August 5, rising from $ 11,090 to $ 11,784, before briefly returning to the $ 11,650 zone as the daily close approached. Currently, the price deals close to the $ 11,500 maintenance after the bulls failed to cope with the $ 11,800 level.

Despite retreating to lower maintenance, Wednesday’s 6.29% pressure through the $ 11,100 to $ 11,250 range was much needed as the price stayed below that level for about 3 days.

BTC / USD 4-hour chart

BTC / USD 4-hour chart. Source: TradingView

As the 4-hour chart shows, once over $ 1

1,450, traders were able to cut the $ 150 difference in the visible range of the volume profile and continue to complete a reversal pattern at the bottom of the W, but the failure broke $ 11,800. prevents this.

As reported by Cointelegraph earlier this week, the August 2 crash, in which the price of bitcoin fell by $ 1,500 per minute and liquidated $ 1 billion, did little to shake the bullish determination of professional traders.

According to GSR market analyst Mika Erstling:

“The high percentage of titles and traditional investors looking for higher-yielding assets has led to a greater shift to cryptocurrency. As a result, open interest in futures listed on major exchanges reached a new life expectancy of $ 5.6 billion on August 1, surpassing the previous record of $ 5.36 billion in February.

Given the heightened bullish sentiment, pre-catastrophe funding rates were volatile, with bitcoin funding rates hovering around 0.0721%. In addition, the imbalance for ETH was even worse, as the funding rate was 0.21%. However, after the sell-off, the funding rate stabilized, although it still shows a bullish slope. “

Diagram of daily bitcoin prices

Diagram of daily bitcoin prices. Source: Coin360

Altcoins also posted remarkable gains as Bitcoin spent several days consolidating and several managed double-digit gains as the price of BTC went up to $ 11,750.

Bancor (BNT) collected 26.50%, Zcash (ZEC) won 7.99% and Band Protocol (BAND) increased by 39.53% profit.

According to CoinMarketCap, the total market limit for cryptocurrency is now $ 351.5 billion. The Bitcoin dominance index is currently 61%.

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