The good news ship rolls into another week, although it hasn’t all been plain sailing. The Bitcoin price closed last week above the important $10,500 level – its highest weekly-close in over a year and a potentially important support level. On the flipside though, last week’s seeming unstoppable charge finally hit a wall at $12,000 over the weekend. In total $1.3 billion worth of open interest was liquidated across all crypto pairs during the correction, with BTC futures accounting for $735 million of the fall.
The question now is whether bulls can muster another push through the resistance at the $12,000 mark. In general, though, BTC is looking technically strong.
Trading volumes continue to rise and also there is an improvement in Bitcoin’s ability to scale. Altcoins are also enjoying strong gains. XRP has quietly been flying, seeing returns in excess of 40% over the past week. Ethereum too maintains its strong momentum, growing another 27% this week.