Bitcoin lingered near $11,500 on August 28 as analysts delivered fresh bullish price projections that ran as high as a giant $20 million. Data from price tickers including CoinMarketCap showed fairly flat action for BTC/USD overnight to Friday, in the aftermath of the Federal Reserve’s inflation speech.
Markets Report: Bitcoin ends a week of ranging amid focus on weekly close above $12,000
A tour around the $11,000-12,000 corridor comes as institutions bet big on Bitcoin as a hedge against ailing fiat economics.
Bitcoin began this week in a highly bullish mood, challenging $12,000 resistance twice in 24 hours on the back of a turbulent weekend. Volatility remained, with the final attempt to flip $12,000 to support met by a sudden dip of over $500 in minutes. This set the scene for a return to “ranging” price behavior for BTC/USD — movements can be significant, but always within a defined corridor.
Markets Report: $11,600 is ‘Level to Watch’ For Bitcoin Bull Market Continuation
Ranging behavior needs a strong daily close for disruption, say market commentators as altcoins chip away at Bitcoin’s market cap dominance
Bitcoin continued to crisscross the corridor between $11,000 and $12,000 on August 13 as a lack of volume failed to send markets higher. Data from price trackers including CoinMarketCap showed BTC/USD extend “ranging” behavior on Thursday, consolidating after weeks of upward momentum.
Markets Report: Bitcoin Price Holds $11,000 Goldman Sachs Warns Over US Dollar
Another day of strong performance keeps Bitcoin bulls in charge as gold continues to push new all-time USD highs.
Bitcoin's 24-hour performance has seen less volatility than in recent days, with BTC/USD moving in a corridor between $10,900 and $11,140.