Bitcoin Crosses The $11.5k Mark In Epic Recovery Rally, How High Will BTC Move?

Bitcoin News Today – Bitcoin’s lucky streak doesn’t seem to have an end as the price of Bitcoin increases to $11.5K. Bitcoin entered August after an eventful July that saw the price of Bitcoin BTC rise and fall significantly against the USD. Bitcoin and the rest of the cryptocurrency market suffered attacks in July from the US government and the president but were able to stand despite the storm. Cryptocurrency traders and investors were happy to see that the king of the cryptocurrency market didn’t disappoint as the BTC climbed 8% to cross the $11,200 hurdle.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Prediction 2019 – Bitcoin (BTC) Still Set To Climb Higher In August

Analysts who gave a Bitcoin price prediction stating an increase in the price value of the BTC were proven right as the Bitcoin continued to show a bullish trend. The BTC price rose to $11,646 and has been steadily gaining support. A BTC price analysis shows that the Bitcoin climbed steadily in the past two days to over $10,000 in value. The BTC entered a positive zone when the 100 SMA showed a rise above the $11,000 resistance level. The BTC price went further to break the $11,200 resistance level and was able to touch the $11,500 upper resistance.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,979.48
-2.45%

The Bitcoin price analysis favors a bullish trend as there was a rise of the 23% Fib retracement level from a low of $10,800 to an $11,600 high. This is near the $11,450 support level. If the downward correction extends too much, the $11,200 mark would act as the next support level. On the other hand, since the immediate resistance level is at $11,650mark, a breakthrough would see the BTC reaching $12,000.

Also, the 50% Fib retracement mark could act as a support for the $11,250 level. The $11,000 mark now acts as the main support level though it was the resistance level before. A Bitcoin price prediction shows a strong bullish pattern forming near the $10,900 level. This helps should there be a downward correction as there could still be strong bids near the $11,200 and $11,000 mark.

Bitcoin News Today – Bitcoin Price Prediction 2019 – Bitcoin Latest Update – Why is Bitcoin Rising?

Researchers and crypto analysts see the BTC rising in price as the bulls still exert positive pressure on the coin. A Bitcoin price prediction made indicates that the Bitcoin price could rise above the $11,200 and $11,500 marks. Bitcoin latest update learned that some analysts are confident that the BTC could clock the $12,000 mark should the pressure on the coin remain bullish. The hourly MACD seems to support the Bitcoin price prediction as it remains in the bullish zone.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,979.48
-2.45%

The major support levels for the BTC are $11,450 and $11,200 while the major resistance levels remain $11,650 and $11,800. There is also a major resistance at the $12,000 should the trend remain bullish over an extended period. The hourly Relative Strength Index shows correction of the overbought region. The BTC ROI (Return on Investment) increases to 8,544.37% and the market cap is over $200 billion. The Bitcoin in circulation is more than 17.8 million and the coin has a 24-hour volume of $21.8 billion.

What do you think about the Bitcoin news today? Will the flagship cryptocurrency continue to rise throughout August? Share your thoughts about the Bitcoin price prediction 2019 in the comment section.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.