Bitcoin stood out last week, rallying 19.7% Monday through Sunday to end the weekend at $11,489.3, though Sunday was a less than a pectacular day, with Bitcoin gaining just 0.39% in what was a choppy session.
Bitcoin’s move through the week, recovering from a Monday intraday low $9,260 through to $10,000 levels and on to $11,000 levels by the close was certainly important for Bitcoin and the broader cryptomarket last week.
Since hitting $11,000 levels however, Bitcoin looks to be stuck in a rut an unable to break out beyond $11,500 levels, with Bitcoin falling short of Sunday’s first major resistance level of $11,627, with an intraday high $11.511, before pulling back to sub-$11,500 levels.
Friday was a similar story, with Bitcoin hitting an intraday high $11.503.24 before pulling back to sub-$11,500 levels by the close.
A lack of a catalyst has left Bitcoin range-bound in recent days, with support kicking in at $11,000, investors quick to hit the sell button at $11,500 levels.
While there was certainly an incentive for investors to lock in the week’s profits on Sunday, what’s next for Bitcoin remains to be seen as investors search for the next success story and an opportunity to get double-digit returns elsewhere.
At the time of writing, Bitcoin was up just 0.41% to $11,510 this morning, though there was an early attempt to break out of its current rut, hitting an intraday high $11,618.7 in the early hours before pulling back.
Interestingly, the Cboe Bitcoin Futures contracts this morning having become a little more bullish, supporting current levels and a possible move up through to $11,600 – $11,700 levels, with the April contract up $580 to $11,630 and the May contract up $625 to $11,710. Near-term, the March contract will continue to be an issue however, currently up $555 to $11,570, giving Bitcoin little wriggle room for a major move.
With Bitcoin’s first major resistance level sitting at $11,649, a move through today’s intraday high would support a run at $11,649 and a push for $11,700, though any sideways moves could test investor resolve and lead to its first major support level of $11,193 to be tested later in the day.
A fall through to sub-$11,000 is unlikely however, barring adverse news hitting the wires, with the bullish trend that formed at the start of the month still intact at the time of writing.
While Bitcoin’s dominance continues to hold at above 41% levels this morning, Ripple’s XRP and Stellar’s Lumen have grabbed the limelight however, with Ripple’s XRP up 6.3% and Stellar’s Lumen up 5.2% to set the pace at the start of the week.