Bullish Bitcoin Price Trend Intact Even After BTC Retests $11.4K Support

Earlier today Bitcoin price abruptly dropped to $11,322 after topping out at $11,909.

Meanwhile NASDAQ continued to trek higher, closing the day with a 1.66% gain.

While stocks continue to move higher each week, today's collapse of talks between U.S. lawmakers attempting to negotiate the next phase of coronavirus economic stimulus could weigh on investor confidence and cause markets to open in the red next week.

Traders will note that BTC price had begun losing momentum around $11,800 and once the price dropped below the high volume VPVR node at $11,583, the price quickly fell to retest the support at $11,400.

While inconvenient for some, today's pullback shouldn't surprise as its routine for Bitcoin price lower levels to confirm that a former level of resistance now functions as support.

At the time of writing BTC is holding above $11,650 but a drop below $11,500 and the $11,400 support could result in another drop to $11,200.

As long as the price holds above $11,100 the pattern of higher lows remains, meaning the bullish uptrend remains intact.

Surprisingly, as Bitcoin price dropped 4.89%, altcoins held up relatively well, except Ether which pulled back 8.76% to $362.35 before recovering to $379.80.

At the time of writing, Cardano is down 4.19%, XPR has dropped by 3.03% and Tezos shaved off 5.99% to trade at $3.05.

Bitcoin's dominance index currently at 61.1%.Keep track of top crypto markets in real time here.