Bitcoin Challenges $11,200 Before $12k Resistance Halts Progress

vichetuc (3)in #bitcoin • 8 years ago

Bitcoin prices reached weekly highs of $11,189 Monday, Feb. 19 as the largest cryptocurrency met resistance around $12,000.

Data from major exchanges tracked by Coinmarketcap showed BTC/USD suddenly retaking $11,000 before momentum reversed at just under $11,200.
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<figcaption>Bitcoin Chart</figcaption></figure>
The latest peak is around $700 lower than Bitcoin’s 2018 high of $11,901, achieved Feb. 21 before a widely forecast capitulation took hold. Prices subsequently dropped to around $9,500 last week.

Problems escaping a restricted price cycle were highlighted in February by commentators, including trading educator Tone Vays and an online analyst known as Filbfilb, who predicted bearish profit-taking occurring at a maximum $12,400 during the Feb. 21 high.

Bitcoin is nonetheless outperforming altcoins Friday as market sentiment produces broad downturns for the majority of non-Bitcoin assets.

BTC has also managed to reclaim market capitalization share in the second half of last month, rising to above 40% of the total market.

The optimism around Bitcoin appears rooted in the technical improvements to its network which received a boost last week.
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<figcaption>Market Capitalizations</figcaption></figure>
Segregated Witness (‘SegWit’), a protocol which gives users faster and cheaper transactions, received full support in the latest Bitcoin Core client release, 0.16.0.