Bitcoin jumped 13% in 24 hours to reach $11,395, pushing its market dominance to 64%. The cryptocurrency broke through $11,000 on its way to those highs, closing at $11,032. That $1,095 daily candle
Bitcoin jumped 13% in 24 hours to reach $11,395, pushing its market dominance to 64%.
The cryptocurrency broke through $11,000 on its way to those highs, closing at $11,032. That $1,095 daily candle marked the biggest intraday move since April 2019. It shattered long-term resistance at $11,377.
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Josh Rager, an analyst at Blockroots, drew parallels to April 2019. Back then, a similar $1,000 candle preceded a sustained rally that ended the 2018-2019 bear market. Traders watch for a push toward $12,000, even as momentum eases from earlier in the day.
On-chain metrics reflected the buying pressure. Glassnode data showed exchange inflows spiked 52.20% and outflows jumped 58.34% in the prior 24 hours. The move past $9,500 and into five figures accelerated this activity.
The dominance surge accompanied losses in altcoins. The metric had dipped below 62% but stays above 61.5%, matching levels from when Bitcoin traded near $13,900. Whenever dominance drops below 62%, Bitcoin tends to rally for weeks afterward.
At the time of writing, BTC/USD trades around $10,950, up 7% for the day. Buyers need to hold above $11,000 to set up the next leg higher. If trading volume picks up, the price could climb unobstructed to $12,300, where significant resistance waits.
Technical indicators give bulls confidence. The RSI has hit 82 on the daily chart, showing strength despite overbought conditions on the weekly timeframe, though it hasn't stretched into overextended territory. The MACD turned bullish on both timeframes. The major resistance ceiling sits near $13,000, matching August 2019 highs.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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