- Bitcoin regained ground above $11,000 after a sharp sell-off.
- Bitcoin’s realized market value hit an all-time high.
Bitcoin (BTC) has been range-bound on Monday. The first digital asset lived through a volatile weekend and settled above $11,000 after a collapse to as low as $10,500 on Sunday. At the time of writing, BTC/USD is changing hands at $11,135, mostly unchanged both on a day-to-day basis and since the beginning of the day. Bitcoin’s market value exceeds $206 billion, while its dominance index retreated to 60.7%.
Bitcoin’s realized capitalization
According to the cryptocurrency research company Glassnode, Bitcoin’s realized capitalization reached a new all-time high at $109,758,629,290.65. The metric developed by the company in May increased by more than $5 million in a single day.
That’s how the company describes its metric:
Realized Cap values different parts of the supplies at different prices (instead of using the current daily close). Specifically, it is computed by valuing each UTXO by the price when it was last moved.
The sharp increase may be evidence that new investors flock to the market.
BTC/USD: technical picture
On the intraday chart, BTC/USD recovery is limited by $11,300. This barrier is reinforced by 1-hour SMA50 and the upper line of the 1-hour Bollinger Band. Moreover, it served as strong resistance at the end of July. Once it is out of the way, the upside is likely to gain traction with the next focus on $11,400 with 1-hour SMA 50 located on approach. A sustainable move above this area is needed for the upside to gain traction with the next focus on $12,000.
On the downside, the critical support is created by psychological $11,000. If it is broken, the sell-off may be extended to Sunday’s low at $10,500.
BTC/USD 1-hour chart
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