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The price of bitcoin jumped above the $11k threshold on Saturday morning and into the afternoon, after hovering above the $10,900 range the day prior. The entire crypto-economy of 7,600+ coins has gained 2.29% during the last 24 hours touching $344 billion.<\/strong><\/p>\n Bitcoin (BTC)<\/a> markets have surpassed key levels above the $11k mark on Saturday, as the cryptocurrency has seen close to $4 billion in global trade volume. A number of people are watching the current price range and believe the $11,000 region is a key zone to watch. One trader explains that BTC<\/a> has a number of price hurdles ahead to remain bullish in the short term.<\/p>\n \u201cSeeing a lot of people bullish on [bitcoin (BTC<\/a>)] in the short term, but unless it gets above $11,100 and then $11,500\u2014 I think there\u2019s still [a] real risk of short term downside,\u201d @Dirkcryptodiggy tweeted<\/a>.<\/p>\n Data from the blockchain analytics firm, Cryptoquant shows that BTC whales<\/a> are possibly waiting for better prices. Cryptoquant\u2019s CEO, Ki Young Ju discussed the situation concerning \u2018BTC<\/a> whales\u2019 on Thursday.<\/p>\n \u201cExchange Whale Ratio hits the year low\u2014the fewer whales moving to exchanges, the less dumping, and makes [a] higher BTC<\/a> price,\u201d Ki Young Ju said<\/a>.<\/p>\n \u201cExchange Whale Ratio is the relative size of the top 10 inflows to total inflows by day of each exchange,\u201d the analytics firm CEO added. \u201cI used the weighted average for all exchanges.\u201d<\/p>\n Meanwhile, the very next day, Cryptoquant\u2019s Telegram channel alerts noted \u201cunusual miner outflows\u201d with 632 BTC<\/a> in aggregated outflows<\/a> from miners on Friday. The data shows a majority of the BTC<\/a> miner outflow stemmed from the mining pool called Poolin. The mining operation Poolin is the network\u2019s top mining pool with 18.9% of BTC\u2019s global hashrate<\/a>.<\/p>\n BTC<\/a>\u2019s total SHA256 hashrate on Saturday is a whopping 140 exahash per second (EH\/s).<\/a> Since August 23, 2020, the bitcoin (BTC<\/a>) hashrate jumped 27.27% from a low of 110 EH\/s, to today\u2019s all-time high (ATH).<\/p>\n Furthermore, BTC<\/a> dominance, the metric that measures bitcoin\u2019s (BTC<\/a>) market capitalization against the valuations of the rest of the crypto market economy is over 58%. Bitcoin (BTC<\/a>) is up 6% during the last seven days and 19% for the last 90 days.<\/p>\n Ethereum (ETH)<\/a> is trading for $385 per coin and is down 0.7% for the last seven days but is still up 68% for the last 90 days. Bitcoin cash (BCH)<\/a> is trading for $233 per BCH<\/a> and is up 1.2% this week and 1.14% for the 90-day span.<\/p>\n The biggest gainer<\/a> on Saturday was a coin called kambria (KAT) which jumped 50% during the last 24 hours and sashimi (SASHIMI) saw a 42% gain today. Swerve (SWRV) was the weekend\u2019s biggest loser<\/a> suffering a loss of 36%, while pillar (PLR) dropped 27% in value.<\/p>\n What do you think about this week\u2019s market action and bitcoin (BTC<\/a>) spiking over the $11k mark? Let us know in the comments section below. <\/strong><\/em><\/p>\n The post Market Outlook: Bitcoin Breaks $11K, Whales Refuse to Sell, Downside Risk Remains<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n![\"\"](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2020\/09\/tweet.jpg\")
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