Bitcoin Comes Down From $11,500 Highs To Challenge $11k Support
$12,000 remains a tough barrier for Bitcoin prices as momentum fizzles again just over $11,500.
Bitcoin is retesting support at $11,000 after reaching highs of $11,528 Sunday, the latest cross-exchange data shows.
According to Coinmarketcap, Bitcoin retook the $11,000 mark early Saturday before resistance closer to $12,000 kicked in a day later.
Bitcoin prices have continued to struggle with resistance clustering around $12,000, analysts have noted in the past weeks. As Cointelegraph reported Friday, further upside would appear to depend on prices clearing a significant area below $12,400.
As prices aim downwards into Monday, however, the technical bullish case for Bitcoin remains strong.
Further ahead, the continued rapid growth of the Lightning Network points to sentiment behind Bitcoin as a currency remaining.
The technology, which ultimately allows near-free instant Bitcoin transactions, now has almost 1000 nodes operating on its mainnet, despite reservations about its stability from some well-known Bitcoin industry figures.
The picture forms a broad contrast to altcoins Sunday, with many in Coinmarketcap’s top 50 losing several percentage points in the 24 hours to press time. Stellar is a notable exception, up about 9.35% over the same period.