Following a calm weekend session, the cryptocurrency market is currently uneventful. The bitcoin price temporarily increased above $11,000 but quickly corrected towards $10,500, the key support level. Investors gladly welcome this relative stability following the intense past weeks, where the market was greatly volatile.
According to the CCN, the bitcoin price shed 18% from levels slightly above $13,000 to the current market value at $10,605 within two weeks. Additionally, Bitcoin plunged into its lowest levels this month, almost reaching the $9,000 level mark. It reached its lowest at $9,080, but regained its position above $10,000 shortly after.
Despite the volatility, the bitcoin price is still incapable of sustaining growth above the $11,000 benchmark, yet the hourly chart for BTC/USD trading pair evidently demonstrates an upward trend continuing to form from the base support at $9,000. Such immediate upside is limited by the SMA (Simple Moving Average) currently at the $10,645 level.
The bitcoin price slid from Monday’s high at $11,096 to a balance level at a confluence created by the 100 SMA 1-h and the 61.8% Fibonacci retracement level, which was taken between the swing high of $11,096 to a swing low of $9,080.