danielcawrey

Bitcoin Flat at $11,200 - When $12,000?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
After wild Sunday action that saw the price of the world’s oldest cryptocurrency fall as low as $10,050 on spot exchanges like Coinbase, bitcoin is trading relatively flat, around $11,200 Tuesday. “The asset is trading in a narrow range of $11,080 to $11,220,” said Constantine Kogan, a partner at crypto fund of funds BitBull Capital. “To continue last week’s rally, bitcoin needs to overcome the resistance level , which is in the $11,300- $11,400 region,” he added.

Katie Stockton, analyst for Fairlead Strategies, says the bitcoin market is weaker after traders scurried in late July to buy, leading to an “overbought” situation for the world’s oldest cryptocurrency. “We view sideways price action as constructive,” she said. “Bitcoin has gained approximately 29% since July’s low, and is now due for consolidation.”

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