Bitcoin Challenges $11,200 Before $12k Resistance Halts Progress

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Bitcoin prices reached weekly highs of $11,189 Monday, Feb. 19 as the largest cryptocurrency met resistance around $12,000.

Data from major exchanges tracked by Coinmarketcap showed BTC/USD suddenly retaking $11,000 before momentum reversed at just under $11,200.

Bitcoin Chart

The latest peak is around $700 lower than Bitcoin’s 2018 high of $11,901, achieved Feb. 21 before a widely forecast capitulation took hold. Prices subsequently dropped to around $9,500 last week.

Problems escaping a restricted price cycle were highlighted in February by commentators, including trading educator Tone Vays and an online analyst known as Filbfilb, who predicted bearish profit-taking occurring at a maximum $12,400 during the Feb. 21 high.

Bitcoin is nonetheless outperforming altcoins Friday as market sentiment produces broad downturns for the majority of non-Bitcoin assets.

BTC has also managed to reclaim market capitalization share in the second half of last month, rising to above 40% of the total market.

The optimism around Bitcoin appears rooted in the technical improvements to its network which received a boost last week.

Market Capitalizations

Segregated Witness (‘SegWit’), a protocol which gives users faster and cheaper transactions, received full support in the latest Bitcoin Core client release, 0.16.0.

Bitcoin’s support for the protocol appeared in tandem with implementations of SegWit by major exchanges Coinbase and Bitfinex.

SegWit now accounts for almost 30% of the total number of Bitcoin transactions, data shows.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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