Bitcoin has dropped around $200 from the daily highs as sellers have stepped back in. The drop comes in spite of news that MicroStrategy, a Nasdaq-listed company, bought over $100m worth of Bitcoin yet again. Analysts remain optimistic about BTC’s prospects. Some traders are sharing charts indicating that Bitcoin soon moves above $11,000. BTC, though, is outperforming altcoins, which is a market dynamic not seen in many weeks. This may suggest that the prevailing trend may be bearish. Bitcoin Could Soon Move Above $11,000
Analysts remain optimistic about Bitcoin’s prospects despite the recent weakness in the altcoin market. BTC in and of itself has slid around $200 from the daily highs while altcoins are dropping by over 10% across the board.
Referencing the chart below, which purportedly indicates that Bitcoin could soon hit $11,400, the analyst said:
“BTC looks to be coming in for a re-test of it’s broken range before a move towards 11.4k, meanwhile ETH has