Bitcoin Price Fails to Break Through $11K — Altcoin Bull Run Fizzles

Bitcoin (BTC) price slid from levels near $11,000 Aug. 20 as momentum which sparked bullish sentiment at the start of the week fizzled.

Market visualization. Source: Coin360

Bitcoin lingers below $11K resistance

Data from Coin360 showed BTC/USD abandoning its shot at passing $11,000, having risen from levels near $10,700 on Monday.

The pair was trading back at those levels at press time, having dropped $350 over the past few hours. 

24-hour gains for Bitcoin thus remained tapered at 2%, while weekly performance still revolved around an overall loss of nearly 6%. 

Bitcoin 7-day price chart. Source: Coin360

Anticipation had run high as $11,000 approached, analysts rating chances for a definitive upward trend to recommence.

“I wanted to see it over $10,800 and it did close, short term bullish,” regular trader Josh Rager summarized in his most recent update on Monday. 

He added that BTC/USD remains under its weekly opening level from two weeks previously, an area which will now act as…