Bitcoin runs into a brick wall at 11,100

Bitcoin made a break of 11,000 yesterday evening and that move did deliver a modicum of upside price extension. However, and as noted here several times recently, the resistance at 11,100 was indeed a much tougher level to breach. Yesterday, Bitcoin traded to as high as 11,099, as it ran into a brick wall of resistance at exactly that level. The subsequent drop back has extended a little more to the downside in Asia today as the price falls to as low as 10,858 a short while ago. It is trying to rebound now, but the move back above 10,925 is by no means conclusive. In real terms, and given the moves in other markets, the price is holding up quite well, but unless it can reclaim and surpass that 11,100 level then the downside looks more vulnerable again and the risk of a deeper relapse below 10k will increase. Beyond that, 9850 is a major support level that will need to hold because if it does not then watch out. Bitcoin is just now trading at 10,933