Bitcoin Price Down 3% Today, Trading at $11,800 Now

UTC by Daria Rud · 3 min read
Bitcoin Price Down 3% Today, Trading at $11,800 Now
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Yesterday, Bitcoin lost 4.4%, but bulls were striving to help it close above $12,000. And Bitcoin did, closing at $12,108. Before this correction, Bitcoin saw a 6-day run in which it gained 11.93%. However, the pullback allowed for a retest of the $11,500 level.

After a long and steady growth, Bitcoin (BTC) has slightly receded from a strong position today. At the moment of writing, Bitcoin is 3.60% down, trading at a price of $11,818.76. But despite this correction, bulls are optimistic about the top cryptocurrency’s prospects. They believe it stands good chances of breaking a $13,000 resistance level in the near future.

Notably, the prices of other top cryptos are declining today as well. For example, Ethereum (ETH) is now 4.06% down, $413 per token, XRP has decreased by 6.10% to $0.294 by the moment of writing. Bitcoin Cash (BCH) is 6.40% below yesterday’s price, at $296, Litecoin (LTE) is 6.04% down, $62.66 per token.

Bulls Say Bitcoin Will Bounce Back and ‘Explode’

Yesterday, Bitcoin lost 4.4%, but bulls were striving to help it close above $12,000. And Bitcoin did, closing at $12,108. Before this correction, Bitcoin saw a 6-day run in which it gained 11.93%. However, the pullback allowed for a retest of the $11,500 level.

Notably, the correction took place when the S&P 500 index reached a record intraday all-time high of 3,395.06. Since the lowest point it had in March, the S&P 500 has gained 20%. As some bulls said, this marked “the start of a new bull market”.

Some analysts are continuing to make big assumptions about Bitcoin price, others are more down-to-earth in their predictions. For example, the derivatives trader JSterz believes that “extreme” Bitcoin futures spread means that an intensely strong bullish advance may soon arrive.

Investors Ready to Hold BTC Regardless of the Price

Bitcoin and Bitcoin futures have been lately drawing the attention of institutional investors. As asset managing company Grayscale Investments has reported, they have seen record investment in various cryptos and digital funds that offer. Besides, the company highlighted that Bitcoin seems to outperform gold as a fiat hedge.

Gold has for long been used as a hedge factor against falling global economies and depreciating fiat value. It is mostly purchased by different central banks as a store of value. As for Bitcoin, its price is largely supported by institutional investors including financial institutions, hedge fund managers, and retail investors. Its market price has been stabilizing due to the introduction of futures contracts that save investors from a lot of speculative trading.

Now investors bet on Bitcoin and believe it is worth buying. As the recent Twitter poll has shown, 72% of bitcoin investors are bullish about the cryptocurrency and will hold onto it even if the price somehow falls to zero.

In July, gold bug Peter Schiff conducted a similar survey. He asked:

“How much longer does the price of bitcoin have to say below $10,000 before you will throw in the towel and sell?”

Out of 28,168 total votes, 57.5% of respondents chose “I’m taking it to my grave.”

Read more crypto-related news here.

Bitcoin News, Commodities & Futures, Cryptocurrency news, Market News, News
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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