- Bitcoin now follows Yearn.finance (YFI) as the world’s second most expensive digital asset.
- The price of Bitcoin is slowing the uptrend in favor of a consolidation above $ 11,600 before a breakout towards $ 12,000.
The price of Bitcoin managed to break through some of the barriers discussed on Friday. These included $ 11,400 and $ 11,500 and $ 11,600. Although the price peaked beyond $ 11,700, it failed to build up the momentum needed to overcome the next hurdle at $ 11,800. At the time of writing this article, a reversal is in progress with BTC trading at $ 11,690. Bitcoin bulls are working very hard to keep the price above the first support at $ 11,600.
Meanwhile, Bitcoin has been overthrown from the throne as the world’s most expensive cryptocurrency. Nor is it the digital asset that has reached the highest level of all time thanks to the darling of decentralized finance (DeFi), Yearn.finance. The weekend was particularly productive for this token as it exploded to trade a new all-time high of $ 38,983. At the time of writing, YFI has pulled out to trade at $ 32,957 as it seeks support above $ 30,000.
Bitcoin technical analysis
Bitcoin is slightly in the hands of the bulls despite a rejection of just over $ 11,700. The MACD, in the 4 hour range, has moved into the positive region. Additionally, a bullish divergence with the MACD cements the growing presence of bulls in the market.
On the other hand, the RSI sends a different signal when it goes down towards the midline. The downtrend could also highlight the possibility of a consolidation above $ 11,600 (200 SMA). With this as a tremendous area of support, buyers can then comfortably focus on breaking the $ 12,000 during that week. Other than this support, other good buyer congestion levels include the 50 SMA at $ 11,538, $ 11,400 and the main support at $ 11,100.