Bitcoin has inched higher over the past 24 hours. The king coin saw a decent recovery wave that took it from the $10,387 low against the US Dollar seen over the weekend.
BTCUSD embarked on an upward move above the $10,550 and $10,650 resistance levels to trade at $10,740 during press time.
BTCUSD chart by Tradingview
Bitcoin is now up 0.5% in the past 24 hours as the asset shows a correlation with the S&P 500 once again. The stock markets recovered today in the wake of positive news that President Donald Trump is seemingly healthy despite contracting Covid-19.
The rising stock market gave the BTC bulls a boost as it managed to surge past some critical resistance levels. The bears seem to have lost control as BTC continues to rise steadily, but it is likely to face a strong resistance near $10,900.
Bitcoin Price Fractal Predicts a Return to $11K
The flagship crypto has been stuck in a range between $10K and $11K over the past month, but that consolidation phase could soon end according to one crypto analyst.
Fractal analyst crypto Dwights shared the chart below on twitter that suggests BTC will soon gap higher and possibly retake $11,000.
On-chain trends agree with the optimistic outlook shared by Crypto Dwight. According to on-chain analyst Willy Woo, BTC is in the early stages of adoption and will attract more users over time.
He argues that a spike in new users will allow the bitcoin price to diverge from legacy markets, which currently hold the king coin down.
“The high monetary inflation the world is undergoing right now is growth steroids for BTC HODLer adoption,” Woo added.
If the BTC price moves to $11,000, analyst Cole Garner believes that the considerable order book resistance at this level could halt the ongoing bull trend.
Yearn.finance (YFI) Nosedives 17%
DeFi darling Yearn.finance (YFI) has faced a strong rejection in the past 24 hours. The token shed 17%, making it the worst performer in the top 100 digital assets.
This drastic decline that has taken the YFI price to the $19K mark is attributable to a drop in the yields that users on Yearn.finance’s Vault products can make. The token hasn’t traded this low since it peaked at highs of well over $40K many weeks ago.
The hype surrounding DeFi seems to have died down in recent weeks, as most top protocols associated with DeFi registered losses over that period. What’s more, Binance’s Composite DeFi Index fell by over 50% in one month since its launch.