Bullish Bitcoin Price Trend Intact Even After BTC Retests $11.4K Support

Published at: Aug. 8, 2020

 Bitcoin (BTC) price swiftly fell to $11,322 after reaching a daily high at $11,909

The drop came as U.S. jobless claims fell to $1.2 million but lawmakers inability to reach a deal on the next coronavirus stimulus package has worried some investors

Despite the pullback to the $11.4K support, Bitcoin price remains in an uptrend 

Crypto market daily price chart. Source: Coin360

Earlier today Bitcoin (BTC) price abruptly dropped to $11,322 after topping out at $11,909.

The mild correction came as U.S. jobless claims fell to 1.2 million and U.S. markets opened slightly in the red but by the end of the day Dow and S&P 500 closed with a 0.7% and 0.17% gain. 

Meanwhile NASDAQ continued to trek higher, closing the day with a 1.66% gain.

While stocks continue to move higher each week, today’s collapse of talks between U.S. lawmakers attempting to negotiate the next phase of coronavirus economic stimulus could weigh on investor confidence and cause markets to open in the red next week.  

BTC/USD 4-hour chart. Source: TradingView

Traders will note that BTC price had begun losing momentum around $11,800 and once the price dropped below the high volume VPVR node at $11,583, the price quickly fell to retest the support at $11,400. 

While inconvenient for some, today’s pullback shouldn’t surprise as its routine for Bitcoin price lower levels to confirm that a former level of resistance now functions as support. 

At the time of writing BTC is holding above $11,650 but a drop below $11,500 and the $11,400 support could result in another drop to $11,200. 

As long as the price holds above $11,100 the pattern of higher lows remains, meaning the bullish uptrend remains intact. 

Bitcoin daily price chart. Source: Coin360

Surprisingly, as Bitcoin price dropped 4.89%, altcoins held up relatively well, except Ether (ETH) which pulled back 8.76% to $362.35 before recovering to $379.80. 

At the time of writing, Cardano (ADA) is down 4.19%, XPR has dropped by 3.03% and Tezos (XTZ) shaved off 5.99% to trade at $3.05. 

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $350.7 billion. Bitcoin’s dominance index currently at 61.1%.

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