Adoption Analysis Price Analysis

BTC Drops From $11,5 thousands Highs To Experience $11k Support

BTC is retesting support at $11,000 after reaching highs of $11,528 Sunday, the latest cross-exchange information displays.

On Saturday, according to some data, Bitcoin retook the $11,000 mark right before opposition closer to $12,000 kicked in a day later.

As analysts have noted in the past weeks, Bitcoin prices have keeped combat with oppositon clustering around $12,000. According to the Friday’s report, further range would appear to depend on prices clearing a considerable area under $12,400.

However, as prices aim downwards into Monday, the technical bullish case for Bitcoin remains powerful.

Having released its full support for Segregated Witness (‘SegWit’) technology in its latest customer release in February 2018, Bitcoin Core now has more nodes in its network than ever before.

SegWit, which allows faster and cheaper Bitcoin transactions, now accounts for about 29% of the total BTC transactions being sent after large exchanges Coinbase and Bitfinex also implemented it.

After this, the continued fast rise of the Lightning Network points to sentiment behind Bitcoin as a currency remaining.

The technology, which eventually allows near-free instant Bitcoin transactions, now has about 1000 nodes operating on its mainnet, despite reservations about its stability from some famous Bitcoin industry figures.

The diagram forms a broad contrast to altcoins Sunday, with many in Coinmarketcap’s top 50 losing several percentage points in the 24 hours to press time. Stellar is a noticeable exception, up about 9,35% over the same period.