After recovering from the lost ground on July 8 and July 22, Bitcoin (BTC) rose above $11,000 last week. The most popular cryptocurrency experienced a bearish trend that sent its price below $10,000 on those days in July. Bitcoin Surges Above $11K for the First Time in 3 Weeks.
Statistically, the dominance of BTC is 66.4 percent as $290.6 billion is recorded in the market cap.
On August 4, at 15:00 UTC, bitcoin rose for the first time in 21-days above $11,000. The price of the BTC paused and was then retested along with the $10,600 range, continued with an $11,000 breakout, 10 hours since its latest sell-off.
After a powerful hourly candle broke above $11,050, BTC was last seen switching sides at $11,227.
The jump for BTC was also followed by a complete amount of $3.9 billion traded over 24 hours, indicating a need for higher levels to maintain any further pushes to past resistances.
Bitcoin Surges Above $11K for the First Time in 3 Weeks. As a consequence, Ether (ETH), TRON (TRX) and Tezos (XTZ) are also glowing green between 1.7 and four percent, respectively.
In addition, over a 24-hour period, the total market capitalization of all cryptocurrencies combined increased by more than $9 billion, flagging another successive day in the green and encouraging on the continuity in BTC’s price rise.
As per the analysis, the short-term perspective now favors the bulls, as the weekly closure generated a large bullish engulfing candle with eyes now setting at $11,400 and $11,880 in weekly resistance.