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.
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.
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.
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.
