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Bitcoin reclaims 11,000

16 Sep, 2020

The earlier session drop in the EUR/USD, to as low as 1.1810 did not have much of a negative impact on Bitcoin, as the price remained elevated above 10,950. Since then the EUR/USD has rebounded somewhat and that has allowed another uplift in the price of Bitcoin. The price has now risen above 11,000 for the first time since September 3, when it fell precipitously, from above 12,000 to below 10,000. The rebound above 11k this afternoon does now open up potential for a move to test the next resistance level. That is in place at 11,217 and represents a 61.8% retracement of the move down, from 12,061 to 9,852. The high seen just now was set at 11,024 and it is just now trading at 11,007. In order to maintain the current upside momentum, it will be important that price now remains above 10,695

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