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16 May 2021
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Bitcoin Challenges $11K As Altcoins Seek Recovery

Bitcoin hovers at about $11,000, while most larger-cap altcoins have surged in the past 24 hours. Gold continues to head higher while Wall Street charts losses.

After several days of gains, Bitcoin has stalled a bit around the $11,000 mark. Simultaneously, most large-cap altcoins have managed to increase their value against both the US dollar and BTC.

Bitcoin At $11,000

The past several days were nothing short than impressive for the primary cryptocurrency. Its $2,000 price surge came somewhat surprisingly for some, but BTC reclaimed successfully, firstly $10,000, then the significant $10,500 resistance.

Bitcoin also attempted to conquer $11,000 on a few occasions, including during the past 24 hours. As the asset hovers around that level now, it remains to be seen if BTC will keep its momentum going and head upwards.

BTCUSD 5m. Source: TradingView
BTCUSD 5m. Source: TradingView

Despite the bullish trend, the technical side suggests that Bitcoin is seriously overbought on the daily RSI, which could prompt a correction. The last time BTC was so overbought on the daily RSI was in mid-May, and the asset dived by nearly 20%. Additionally, fears for a correction stand from the CME gap at $9,600.

If the leading cryptocurrency indeed drops in value, it can rely on $10,730, $10,400, and $10,055 as support. However, if it goes in the opposite direction again, it would have to break above $11,400, before having a chance to face the psychological $12,000 target.You Might Also Like:

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Interestingly, Bitcoin’s current movements resemble gold’s as the precious metal is also increasing its value and is now trading at $1,955 per ounce.

XAUUSD 5m. Source: TradingView
XAUUSD 5m. Source: TradingView

In contrast, the three most prominent US stock market indexes – the S&P 500, Nasdaq, and the Dow Jones – ended yesterday’s trading session in the red, thus erasing the minor gains from Monday.

Large-Cap Altcoins Surge

Ethereum and Binance Coin are the only two top 10 coins by market cap with negligent price developments in the past 24 hours. Both are up about 1% to $321 and $20, respectively.

However, Ripple, Bitcoin Cash, Bitcoin SV, Cardano, and Litecoin are on the move. XRP (8.4%) to $0.24, BCH (6.45%) to $290, BSV (3%) to $214, ADA (3.2%) to $0.143, and LTC is up by 5% to $56.

Other impressive gainers from the larger-cap altcoins include EOS (8%) to $3.06 and Tron (6%) to $0.20. From the low-cap alternative coins, Nexo and Elrond have increased their respective value by 10.5% and 10.2%.

Cryptocurrency Market Overview. Source; coin360.com
Cryptocurrency Market Overview. Source; coin360.com

Several coins are in the red today. Ampleforth continues to lose USD value by 11% as its uniquely set-up protocol provides daily rebase to investors and tries to stabilize the price at about $1. THORChain is down by 5.72%, Nervos Network by 5.6%, Flexacoin by 5.52%, and Aurora by 4.2%.

Nevertheless, the overall increases in the space are evident as the total market cap has surged by 18% in a week from $276 billion on July 22nd to $324 billion today.SPECIAL OFFER (Sponsored)Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

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