Forex and Crypto News

Bitcoin could not hold above $11000

19:49 17 September /2020

Yesterday, September 16, the price of Bitcoin was able to rise above $11000, but could not hold above this mark. Yesterday the price began to decline, and today it continued its correction. As a result, the BTC/USD pair dropped to a daily low of $10742. After that, the price began to recover and at the time of publication, Bitcoin is trading at $10910.


As traders feared, a more significant pullback did not happen. The current state of the cryptocurrency suggests that the $10800 mark could be a new foothold for BTC. If the negative trend becomes dominant again, then the support is expected to strengthen at this level, after which a rebound will follow.

Analysts suggest that a breakout of the $11200 level must occur for the BTC/USD pair to continue to rise. Otherwise, the market will come under the long-term control of the "bears".

Analysts also pay attention to the increased flow of BTC to cryptocurrency exchanges from mining pools. Within 24 hours, the largest inflow of Bitcoins was recorded on the exchanges. In just a day, the number of Bitcoins increased by 54.27%, to 28.54 thousand on exchanges. As a rule, Bitcoins are entered on exchanges for the further sale. This tactic of miners poses a threat to Bitcoin, but the trend for the long-term strengthening of its rate is unlikely to be broken.

According to analysts' forecasts, in the medium and long term, not only Bitcoin, but also Ethereum (ETH) will keep the upward movement dynamics.

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