Bitcoin Price Posts Best Weekly Close of 2019 as $11.5K Now Resistance

Bitcoin (BTC) price succeeded in hitting its highest weekly close of 2019 last week, further dispelling fears of a fresh price breakdown.

Market visualization. Source: Coin360

Another price milestone for Bitcoin 

Data from Coin360 put BTC/USD trading at around $11,360 as of press time on Aug. 12. The largest cryptocurrency finished the week closer to $11,500 on some exchanges, marking its best effort of the year. 

Bitcoin 7-day price chart. Source: Coin360

Odds had been high that Bitcoin could surpass its 2019 weekly close record, with analysts last earlier hoping the rest of the week would not see any downward pressure. 

Josh Rager, the regular commentator currently tracking daily BTC price movements, had given $11,474 as the target to beat to net the 2019 high.

“Short term support flipped back to resistance on lower time frames,” he noted in a fresh update on Sunday, as the price closely circled that level.

Compared to seven days ago, Bitcoin traders have only seen modest losses of under 3%, while daily momentum was almost flat at press time. 

Gains from earlier have broadly endured, those sparked by increasing geopolitical tensions focused on the Chinese yuan and the trade war with the United States.  

Altcoin investors still waiting for break

Altcoins meanwhile faced another day of lackluster performance, with most assets in the top twenty cryptocurrencies by market cap showing little sign of movement up or down. 

Largest altcoin Ether (ETH) gained a modest 0.75%, one of the better performers in a sideways market, while Dash (DASH) topped the tables with 3.25% growth. 

Ether 7-day price chart. Source: Coin360

Others, such as XRP, delivered slight losses of up to 1.2% Monday. 

The overall cryptocurrency market cap was just under $300 billion, with Bitcoin’s share decreasing slightly to circle 68.5%.