Bitcoin Bulls Must Defend $11,000, We’re Not Out of the Woods Yet

In a short time frame, bitcoin is looking good with continued increased interest from institutional investors.

After yet another failed attempt at $12,000, Bitcoin fell to $11,100 yesterday in a multi-asset correction. As we reported, this has been a bond yield driven correction that was reflected in other markets as well, be it gold or S&P 500.

Bitcoin, however, is holding on to $11,000 level, staying above it. At the time of writing, BTC/USD has been trading at $11,450 down 1.82%.

The Bitcoin loss also meant an even harder fall for the altcoins, as such wiping out $23 billion from the cryptocurrency market.

But there is one coin that doesn't care about all the blood running down the crypto streets. Chainlink (LINK) remains as decoupled from BTC as ever as it jumps 11% to trade at $13.60, back to its all-time high of $14.40 from Monday.

This has been thanks to the latest DeFi token that is taking this space by the storm and a select few other DeFi tokens flying.

Bulls Better Perform

Despite the losses, bitcoin is not looking bad, although it doesn’t mean we are out of danger either. Trader Jonny Moe said,

“Certainly not out of the woods, but BTC setting up nicely on the 4h with this back to back doji/tweezer look.”

“A reversal here starts to set up a nice look at a possible ascending triangle, which I've drawn a lot of lately, but they just keep painting,” he said.

Meanwhile, trader DonAlt is still leaning towards bearish as he talks about bitcoin being above $11,000 good for bulls while a close below this level and losing $10,600 on the weekly timeframe would be bearish for the digital asset. He said,

“Bulls really don't want to see these levels fall; otherwise it's a short way back in the old range.”

Intrinsic Value Jumps

The world’s leading cryptocurrency has been enjoying an uptrend for about a fortnight now, which has bitcoin up 56.38% YTD.

Amidst these gains, we saw institutional interest continuing to ramp up. While Bakkt had record trading volume, OI on CME bitcoin futures has been making its move to $1 billion.

“We are continuing to see increased interest from institutional investors,” said Henri Arslanian, PwC Global Crypto Leader in Hong Kong.

“Institutional investors now can get access to digital assets via multiple players that are regulated, of institutional-grade, and that would pass any operational due diligence test of any institutional investor. This was not the case 18 months ago.”

As we reported yesterday, the first publicly listed MicroStrategy replaced cash with bitcoin in its balance sheet as a reserve asset.

Meanwhile, according to a recent note by JPMorgan strategist Nikolaos Panigirtzoglou, millennials are supporting bitcoin, which sees it as an “alternative” currency. This generational support is also set to inherit $68 trillion in the coming decades.

Panigirtzoglou also talked about bitcoin’s intrinsic value seeing a jump thanks to the halving. He wrote,

“Much of the gap between the market price and intrinsic value was closed by a decline in the latter as miners responded with a combination of a decreased overall hash rate and improvement in efficiency, likely as less efficient rigs were turned off.”

Bitcoin (BTC) Live Price

1 BTC/USD =$10,695.9374 change ~ 0.63%

Coin Market Cap

$197.77 Billion

24 Hour Volume

$109.78 Billion

24 Hour VWAP

$10.68 K

24 Hour Change

$67.0849

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,482FansLike
2,795FollowersFollow
4,266FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Investors With Low Financial Literacy Are Twice As Likely to Own Crypto vs Market Gurus: Bank of Canada Report

A new study released by the Bank of Canada has revealed that folks with lower financial literacy are more likely to own Bitcoin than...

Love it or Hate it, UNI Token Stands to Benefit from Uniswap’s Evolution

After releasing the UNI token as part of Uniswap V3, the first update for Uniswap V3 has been made on Github. It might say...

Israeli Draft Bill Proposes Bitcoin be Defined as Currency to Cut Down the Hefty Capital Gain Tax

Four members of the Knesset, Israel’s legislative body, from the Yisrael Beiteinu faction, the secular nationalist political party, have submitted a private member’s bill...

TRON Partners With BitGo To Mint New Wrapped Bitcoin And Ethereum Tokens On Its Blockchain

TRON launches wrapped Bitcoin and Ethereum on its blockchain. The blockchain aims at taking over the raging DeFi market. Tron announced a partnership with...

More Urgent than Ever – Ethereum Layer 2 Solution Goes in its First Phase of Testnet Launch

Ethereum layer 2 solution Optimism is welcoming the first phase of the Optimistic Ethereum Testnet. This development has become a necessity of the market thanks...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today