Today (June 11), the price of the king coin, Bitcoin, has climbed above the $11,600 level after plummeting to as low as the $11,200 level, with a 24-hour decrease of 6.84%, currently.
Monitored by CoinNess.com, the trading volume was in an upward trend when Bitcoin rose to the $14,000 Level. However, this time, while Bitcoin is facing price adjustment, the trading volume shows a satisfactory performance. It can be seen that investors' expectations on the price of the dominant coin should not be downbeat.
Considering the process of BTC breaking resistance levels, the current price adjustment may simply result from the fast-rising price. It took Bitcoin five weeks to recover from 23.6% Fibonacci to 38.2% Fibonacci at $9,542. And this time, BTC reached 61.8% Fibonacci within only two weeks.
The recent closing price is standing above 50% Fibonacci at $11,515, suggesting that BTC is still running above the new support level. If the closing price remains above $11,515 this week, BTC may reach $13,488 for 61.8% Fibonacci in the short term.
The increasing price of Bitcoin is likely to put a lot of pressure on other cryptocurrencies, and at least for now more investors are bullish on the largest coin.