Crypto Market Update: Bitcoin Price on Track to Touch $11,000 with Ethereum, Ripple’s XRP and Bitcoin Cash Posting Modest Gains

Bitcoin outperforms all major alts while Litecoin sees its price decreasing ahead of the upcoming halving event

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The Bitcoin price is vying to hit $11,000 after breaking above multiple resistance levels. According to Coin360 data, the BTC is trading at $10,785 with more than three percent increase over the last 24 hours.

The current state of the crypto market
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All eyes on a weekly close 

After the BTC price was rejected multiple times at the $10,600 level, it seemed like the bears were about to gain an upper hand. However, BTC continued its steady growth throughout the day, which once again emboldened the bulls.

According to cryptocurrency trader Josh Rager, BTC is currently struggling to surpass the resistance level at $10,833. For Bitcoin to keep up its momentum, it has to print a price above this mark on a weekly close.

Conversely, if Bitcoin plunges below the resistance at $10,590, it could lead to more pain next week.     

Altcoins remain in the doldrums

Bitcoin dominance has once again started increasing, currently standing at 66.4%. Major altcoins are struggling to make significant price moves.

Ethereum and Bitcoin Cash are up 1.49 and 1.59 percent respectively while Ripple’s XRP registered a tiny 0.53 price uptick. Litecoin is in the red right on the brink of the reward halving event.

Chainlink, on the other hand, turned out to be the top-gaining asset in the top 20 after surging by more than 22 percent.

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Alex Dovbnya

Alex covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. He’s a firm believer that Blockchain has the potential to reshape pretty much every business out there, and cryptocurrencies are only a stepping stone to the upcoming decentralized revolution.