Bitcoin Challenges $11,200 Before $12k Resistance Halts Progress
Friday saw new weekly highs for Bitcoin, which hit $11,189 before dropping $300.
Bitcoin prices reached weekly highs of $11,189 Monday, Feb. 19 as the largest cryptocurrency met resistance around $12,000.
Data from major exchanges tracked by Coinmarketcap showed BTC/USD suddenly retaking $11,000 before momentum reversed at just under $11,200.
The latest peak is around $700 lower than Bitcoin’s 2018 high of $11,901, achieved Feb. 21 before a widely forecast capitulation took hold. Prices subsequently dropped to around $9,500 last week.
Problems escaping a restricted price cycle were highlighted in February by commentators, including trading educator Tone Vays and an online analyst known as Filbfilb, who predicted bearish profit-taking occurring at a maximum $12,400 during the Feb. 21 high.
Bitcoin is nonetheless outperforming altcoins Friday as market sentiment produces broad downturns for the majority of non-Bitcoin assets.
BTC has also managed to reclaim market capitalization share in the second half of last month, rising to above 40% of the total market.
The optimism around Bitcoin appears rooted in the technical improvements to its network which received a boost last week.
SegWit now accounts for almost 30% of the total number of Bitcoin transactions, data shows.