Bitcoin Price Fails to Break Through $11K — Altcoin Bull Run Fizzles

Bitcoin (BTC) price slid from levels near $11,000 Aug. 20 as momentum which sparked bullish sentiment at the start of the week fizzled.

Market visualization. Source: Coin360

Bitcoin lingers below $11K resistance

Data from Coin360 showed BTC/USD abandoning its shot at passing $11,000, having risen from levels near $10,700 on Monday.

The pair was trading back at those levels at press time, having dropped $350 over the past few hours. 

24-hour gains for Bitcoin thus remained tapered at 2%, while weekly performance still revolved around an overall loss of nearly 6%. 

Bitcoin 7-day price chart. Source: Coin360

Anticipation had run high as $11,000 approached, analysts rating chances for a definitive upward trend to recommence.

“I wanted to see it over $10,800 and it did close, short term bullish,” regular trader Josh Rager summarized in his most recent update on Monday. 

He added that BTC/USD remains under its weekly opening level from two weeks previously, an area which will now act as resistance. 

Meanwhile, another fellow market analyst and trader, Filb Filb, was more buoyant, telling followers of his dedicated Telegram channel about the possibility of a break to $11,400.

Altcoins return to flat performance

Altcoins meanwhile failed once again to capitalize on previous gains. A look at the top twenty cryptocurrencies by market cap shows most reversing progress made on Monday, when some outperformed Bitcoin itself. 

Ether (ETH), the largest altcoin, then dropped 1.6% to slide back below $200. Litecoin (LTC) dropped more at 2.3%, while XRP shed almost 5%. 

Ether 7-day price chart. Source: Coin360

Only Monero (XMR) and Bitcoin SV (BSV) showed signs of life, gaining 1.2% and 0.8% respectively. 

The overall cryptocurrency market cap was $276 billion on Tuesday, down $3 billion from the day before, while Bitcoin’s share remained over 69%.