- Bitcoin now trails Yearn.finance (YFI) as the second most expensive digital asset in the world.
- Bitcoin price slows down the uptrend in favor of consolidation above $11,600 ahead of a breakout towards $12,000.
Bitcoin price managed to break above some of the barriers discussed on Friday. These included $11,400 and $11,500 and $11,600. Although the price rose to highs past $11,700, it failed to gather the momentum to overcome the next hurdle at $11,800. At time of writing, a reversal is underway with BTC trading at $11,690. Bitcoin bulls are working extra hard to keep the price above the first support at $11,600.
Meanwhile, Bitcoin has been toppled from the throne of being the most expensive cryptocurrency in the world. Neither is it the digital asset that hit the highest all-time high thanks to the decentralized finance (DeFi) darling, Yearn.finance. The weekend was particularly yielding for this token as it rocketed to trade a new all-time high of $38,983. At the time of writing, YFI has retreated to trade at $32,957 as it seeks support above $30,000.
Bitcoin technical analysis
Bitcoin is slightly in the hands of the bulls despite suffering rejection slightly above $11,700. The MACD, in the 4-hour range, has crossed into the positive region. Moreover, a bullish divergence from the MACD cements the growing presence of the bulls in the market.
On the other hand, the RSI is sending a different signal as it drops towards the mean line. The downtrend, could also be highlighting the possibility of consolidation taking over above $11,600 (200 SMA). With this as a formidable support area, buyers can then comfortably focus on breaking above $12,000 in the course of this week. Apart from this support, other levels of good buyer congestion include the 50 SMA at $11,538, $11,400 and the primary support at $11,100.
BTC/USD 4-hour chart
 (29)-637344384758501752.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto Today: BNB, OKB, BGB tokens rally as BTC, Shiba Inu and Chainlink lead market rebound
Cryptocurrencies sector rose by 0.13% in early European trading on Friday, adding $352 million in aggregate valuation. With BNB, OKB and BGB attracting demand amid intense market volatility, the exchange-based native tokens sector added $1.9 billion.
US SEC may declare XRP a 'commodity' as Ripple settlement talks begins
The US SEC is considering declaring XRP as a commodity in the ongoing settlement talks with Ripple Labs. FOX News reports suggest Ethereum's regulatory status remains a key reference for XRP’s litigation verdict.
Cardano Price Prediction: ADA could hit $0.50 despite high probability of US Fed rate pause
Cardano price stabilized above $0.70 after posting another 5% decline in its 3rd consecutive losing day. Multiple ADA derivatives trading signals are leaning bullish, but the US trade war impact outweighs the positive shift in inflation indices.
Stablecoin regulatory bill receives green light during Banking Committee hearing
The US Senate Banking Committee voted on Thursday to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which aims to establish proper regulations for stablecoin payments in the country.
Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.