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Bitcoin Rises Back to $11K Despite Signs of Indecision in the Market

Bitcoin is again looking to establish a foothold above $11,000 on Friday, although the technical charts are anything but stridently bullish.

Sep 18, 2020 at 12:09 p.m. UTC
Updated Sep 14, 2021 at 9:57 a.m. UTC

Bitcoin is again looking to establish a foothold above $11,000 on Friday, although the technical charts are anything but stridently bullish.

  • The leading cryptocurrency by market value is trading just over $11,000 at press time, having found bids below $10,800 on Thursday, according to CoinDesk's Bitcoin Price Index.
  • Buyers, however, have been struggling to keep prices above $11,000 over the last few days.
  • The cryptocurrency clocked highs of $11,104 and $11,050 on Wednesday and Thursday, respectively, but printed a UTC closing price below $11,000 on both occasions.

Bitcoin daily chart

  • Notably, bitcoin created a doji candle on Thursday, as it swung both ways before ending the day on a flat note.
  • A doji shows both buyers and sellers are not willing to lead the price action.
  • However, new investors are entering the market at a faster pace and one may expect bitcoin to post sustainable gains above $11,000.
  • On the other hand, on-chain analyst Cole Garner believes the recent spike in bitcoin outflows from miner wallets to exchanges is a cause for concern for traders expecting a continued price recovery.
  • According to data source Glassnode, 1,113.85 BTC were transferred to exchange wallets from miner wallets on Sept. 13 – the biggest single day outflow since December.

Miner outflows to exchanges

  • An increased supply of bitcoin moving onto exchanges suggests increased selling pressure.
  • So far, however, bitcoin has largely remained resilient and is up 6% this week.
  • This may have been helped by investors moving money out of alternative cryptocurrencies and into bitcoin, according to Patrick Heusser, a senior cryptocurrency trader at Zurich-based Crypto Broker AG, told CoinDesk in a Twitter chat. 
  • Indeed, major alternative cryptocurrencies such as ether (ETH), bitcoin cash (BCH) and litecoin (LTC) have depreciated by 2% to 5% against bitcoin in the past seven days. Chainlink's LINK token is down 17%, according to data source Messari.
  • Should the latest indecisive price action end with an upward move, the focus would shift to the next hurdle at $11,200. That level served as strong support in August.
  • Thursday's low of $10,765 is the level to defend for the bulls.

DISCLOSURE

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