Bitcoin Price Outlook: BTC/USD cracks $11,000, here are the key points
- Bitcoin is currently trading at $10,900 but was able to touch $11,400.
- Momentum has clearly shifted in favor of bulls.
After the initial breakout above $10,000, Bitcoin was able to get enough continuation and managed to crack $11K as well. The number one digital asset is dominating the market again while most altcoins are heavily crashing.
Why is Bitcoin finally going up?
Altcoins, especially DeFi projects, were all basically in a bull market even though Bitcoin and others were trading sideways. Ethereum was the first to see a breakout above $250 but it seemed that Bitcoin wasn’t following.
The stock market already bounced while Bitcoin remained behind. The last US stimulus checks are helping Bitcoin again but that’s not all. The weakness of the dollar is also notable as it just hit a low not seen since 2018 against the Euro. Furthermore, major trust funds have been buying enormous quantities of Bitcoin throughout 2020 and significant amounts inside exchanges were being withdrawn. Both factors indicating that investor are willing to hold Bitcoin. It was only a matter of time for the demand to overcome the sellers.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
