Bitcoin’s price action on Monday, August 10th, was characterized by extreme levels of volatility. The flagship cryptocurrency kicked off the week at $11,685.99, and quickly prices began to appreciate. As buy orders were piling up in substantial amounts, BTC jumped by 3.54% only a few hours after the weekly open.
The pioneer cryptocurrency was able to hit an intraday high of $12,100 by 2:00 UTC. Although it seemed like BTC was poised to move past this hurdle and shoot for $14,000, its uptrend reached exhaustion. Such a pivotal price point triggered a 5.91% correction that Bitcoin hit a low of $11,383.90.
A considerable number of buy orders were filled throughout this massive downswing, allowing prices to rebound sharply. Not only had Bitcoin moved back above the $11,700 support level around 11:00 UTC, but demand continued to rise. Roughly three hours later, the bellwether cryptocurrency was back around the $12,000 resistance barrier attempting to break it again.
Nonetheless, the strength of this supply barrier proved to be quite strong, igniting another retracement. Bitcoin pulled back to $11,760, but as the day came to an end, it was able to recover some of the losses incurred. Thus, BTC closed August 10th at a high of $11,896.86, providing investors with a daily return of 1.80%.
