Bitcoin price defies the laws of gravity and overcomes key resistance levels
Bitcoin has grown slightly in the last 24 hours. The coin has experienced a decent wave of recovery, which has risen from the low of $ 10,387 against the US dollar seen over the weekend.
A fractal of the price of Bitcoin is predicting a return to the 11 thousand $
BTC / USD has made an upward move above the $ 10,550 and $ 10,650 resistance levels and is trading at $ 10,710. at the time of writing these lines.
BTC / USD chart from Tradingview
Bitcoin is up 0.5% in the last 24 hours as the asset again shows a correlation with the S&P 500. Stock markets rebounded today after positive news that President Donald trump appears to be healthy, despite news of a Covid-19 infection.
The rising stock market gave a boost to the BTC bulls as it managed to overcome some critical resistance levels. The bears appear to have lost control as the Cue ball continues to grow steadily, but is likely to face strong resistance around $ 10,900.
The flagship cryptocurrency has been stuck in the range of 10 to 11 thousand dollars over the past month, but according to one fairly well-known crypto analyst, this phase of consolidation may soon end.
Fractal Crypto analyst Dwights shared the table below on Twitter, which suggests that BTC will soon grow with a gap and possibly return the position to $11,000.
Network trends are consistent with Crypto Dwight’s optimistic forecast. According to network analyst Willy Wu, PTS is at an early stage of implementation and will attract more users over time.
He claims that the surge in new users will allow the price of Bitcoin to deviate from the traditional markets that currently hold back the Royal coin.
“The high monetary inflation that the world is currently experiencing is a growth factor for accepting BTC HODLer,” Wu added.
If the price of the Cue ball rises to 11K, analyst Cole garner believes that significant order book resistance at this level can stop the ongoing bullish trend.
Altcoins: YFI drops by 17%
Favorite DeFi company, Yearn.Finance (YFI) has faced a sharp rejection in the last 24 hours. The token lost 17%, making it the worst among the top 100 digital assets.
This sharp decline, which resulted in the price of YFI reaching the level of 19 thousand dollars, is due to a drop in the profitability that users of Yearn products can get.finance’s Vault. The token has not been traded at such a low level since it reached a high exceeding $40,000 many weeks ago.
The hype around DeFi seems to have subsided in recent weeks, as most of the leading protocols related to decentralized Finance have registered losses over this period. Moreover, Binance’s Composite DeFi index has fallen more than 50% in the month since its launch.