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Bitcoin Breaches $11,500 Resistance to Post More Gains

June 25, 2019 at 23:16 by Matt Jackson

Bitcoin’s unfaltering recovery has continued unabated this week, with prices breaking through historical resistance at $11,500. The digital currency traded as high as $11,700 as it looks certain to post its fifth successive, profitable month. BTC prices have risen 36% since the start of the month, leading many to believe that a new all time high is only round the corner.

There is still a lot of resistance ahead, including at $11,800. Analysts have warned that a failure to hold at current levels, above $11,400, will likely lead to a sharp correction. Support exists at $10,500 if prices do drop, but most analysts are pointing to continued progress. Bitcoin buying pressure is also at highest point in 2 months, so prices could run further.

Some quarters are still waiting for new money to enter the market. Bitcoin’s second time passing $10,000 has not garnered the same media or public attention as it did when passing the same milestone in 2017. While Google searches for the term Bitcoin might be a fraction of what they were, CoinATMRadar confirmed on June 24 that there are now more than 5,000 Bitcoin ATMs in the world. More than 150 new machines are being installed every day, making it easier for holders to gain access to their funds.

There has been mixed results for altcoins during Bitcoin’s most recent surge. A lot of traders move out of altcoins and into Bitcoin during BTC price increases, causing a downturn in the smaller coins. However, Bitcoin’s dominance wasn’t enough to stop Ethereum, the second largest coin by market capitalization, from passing the $300 mark for the first time in 10 months. In fact, having passed $300 on June 22, it has remained above this price evern since, briefly reaching a peak of around $320. There is still a lot of resistance at $320, but the cryptocurrency could push through and surge to higher rates. Alternatively, there is support at around $295 and $290.

Bitcoin (BTC) prices have risen an impressive 6.11% over the past 24 hours and is now trading at $11,674.50 while Ethereum (ETH) has made gains of 2.1% and now costs $316.67. Ripple (XRP) has remained reasonably steady, with a modest 0.29% increase, which means that it is trading at $0.467. Litecoin (LTC) is trading at $137.86, having seen its prices increase 1.82%. Rounding out the top 5 coins, Bitcoin Cash (BCH) saw 1.36% gains take its price to $480.32.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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