Cryptocurrency Market News: Bitcoin climbs above $11,000 signaling a bullish reversal

Here is what you need to know on Thursday 17, September

BTC/USD is currently trading right above $11,000 after a notable breakout. A close above this crucial resistance level could be an indication that Bitcoin bulls are ready to take over again.

ETH/USD is not following Bitcoin this time and it’s not the leader anymore. The digital asset continues trading at $365 unable to climb above $400.

XRP/USD had a dip towards $0.234, the 100-MA and the bulls managed to defend it pushing the price of XRP above 0.24 again.

Chart of the day: BTC/USD daily chart

Market

Bitcoin price climbed above the crucial $11,000 resistance level and has been bullish for the past three days. This breakout is a major indicator that momentum is shifting in favor of the bulls, at least in the short-term. The next barrier would be at $11,267, the current 50-MA, but BTC is not facing a lot of resistance above that level. 

The IOMAP chart shows the next resistance cluster to be at around $11,663 and $11,770 but almost no resistance above or close to $12,000. When it comes to support, it seems that Bitcoin has a ton of support compared to the resistance with the nearest level at $10,784. 

Industry

It seems that a leaked version of rules to be issued by the European Commission has been circulating around. The draft proposes an all-encompassing law for crypto assets. 

That announcement came right after Kraken announced that it will become the first U.S. crypto bank ever. The Wyoming Banking Board voted and approved the proposal allowing Kraken to become a real bank offering crypto assets. 

By becoming a bank we get direct access to federal payments infrastructure, and we can more seamlessly integrate banking and funding options for customers

Quote of the day

Bitcoin will do to banks what email did to the postal industry

– Rick Falkvinge