Bitcoin cleared $10,800 on Tuesday morning, extending its recovery above the $10,000 threshold with a 4% gain marking its strongest two-week performance. The move pushed the price to $10,838 and broke
Bitcoin cleared $10,800 on Tuesday morning, extending its recovery above the $10,000 threshold with a 4% gain marking its strongest two-week performance. The move pushed the price to $10,838 and broke through the $10,500 resistance level, putting an $11,000 target within reach.
The gains paralleled moves in traditional markets. Gold hit $1,970, up 0.4% during US trading hours on September 14. Traders pointed to the pending Federal Open Market Committee meeting scheduled for Wednesday as a catalyst, betting the Fed would maintain its dovish stance. Weakness in the dollar index provided additional fuel.
On BitMEX, buy liquidations exceeded sell liquidations, tilting the positioning toward bulls.
Bitcoin's technical picture shows resistance clustered at the 0.5 Fibonacci level of $10,777. If buyers push through, the 0.382 Fibonacci at $10,956 comes into play, followed by the 0.236 Fib at $11,176 on the 4-hour chart. Support sits at the 0.618 Fibonacci and 20-period exponential moving average near $10,599 and $10,523. The 0.786 Fibonacci sits at $10,344, with the 20-day simple moving average at $10,334. BTC/USD was trading near $10,780 at the time of writing.
Among the top 10 cryptocurrencies, Bitcoin Cash emerged as the biggest mover, jumping 7% to $238. The rally pushed it into 6th place, displacing Binance Coin from that spot. BNB fell 3% to $29.40, dropping to 7th place and trailing Polkadot in 5th.
Ethereum gained 2.5% to $376. XRP trades around $0.246, up 1.5%, and is behind Tether in 4th on CoinMarketCap. TRON dropped 5%. DeFi tokens took larger losses, with yearn.finance and Aave both down more than 6%.
