BTC is trading over $11,600

On Monday, August 24, the price of bitcoin rises. At 09:20 the first cryptocurrency is trading at $11,691.93 (+ 0.5%), according to CoinMarketCap. Earlier over the weekend, the price of bitcoin dropped to almost $11,400. BTC/USD chart of the Bitstamp exchange by TradingView Ethereum went up to $ 394.96 (+ 1.04%). XRP rose 1.52% to hit $ 0.286.

The FxPro team of analysts notes: “Over the weekend, bitcoin remained in a narrow corridor of $11,600-11,700. The benchmark cryptocurrency was unable to develop momentum that would allow the coin to overcome the threshold of $ 12,000 again, but the fact of holding above the support level at $11,500 is positive for the reference cryptocurrency.

New, albeit disastrous, attempts to touch $ 12,000 without breaking through support when the price rolls back is still a positive impetus for the market as a whole. The trading volume on the bitcoin network has decreased by 24% since Saturday. If we take the possible correlations of bitcoin with the traditional market, then precious metals and stocks showed near-zero dynamics, which is quite comparable with what is happening around bitcoin.

The Greed and Fear Index has remained in the “extreme greed” area since last week, and although the indicator indicates a high probability of a sell-off, there is still no full-scale correction. Perhaps the RSI index for the BTC/USD pair at the moment more accurately reflects what is happening with Bitcoin, since the indicator does not even aim at the overbought area, being in “neutral gear”.

Probably, the events of this week will bring more clarity to the short-term prospects for the reference cryptocurrency, and then for the entire crypto market”.

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