According to the latest news, the price of Bitcoin pinned below $11,000. Bitcoin is the world’s major cryptocurrency, and now it is sideways. Merchants are exploring greener pastures in altcoins and Defi tokens.
Significantly, Bitcoin’s price has moved within an $850 range during the last weeks. Moreover, the value continued the rend of daily higher lows. $11,000 stays a hurdle the price has struggled to overcome. However, the great news is that altcoins began to rebound some of the past several weeks’ losses.
Furthermore, CME bitcoin options closed without any significant disturbance, and a new month is beginning. Analysts say the BTC price can raise and even touch the $11,000 resistance level.
The weekly time frame shows strong support from $10,000 – $10,500. Besides, $11,000-$11,200 has been challenging to overcome, and risk-averse merchants expect $12,000 to turn from resistance to support before opening new positions.
Bitcoin price can reach $11,000 resstance and even hit $11,400
Rakesh Upadhyay says that Bulls have consistently bought dips to and under $10,000. This psychologically critical level may now play as a floor for launching the next leg of the increase.
Remarkably, there were no dramatic moves, and the Bitcoin value continues to grind higher regularly. Bitcoin price could reach the $11,000 resistance and even settle at $11,400 in the event of a breakout with supported purchasing from bulls.
On September 3, the value of Bitcoin dropped by 13.3% from $11,400. The high VPVR (Volume Profile Visible Range) node at this level suggests it will now function as resistance if we believe in a daily timeframe.
Significantly, Bitcoin cost continues to consolidate while altcoins moved a tad bit higher. Except for that, Polkadot has risen 4.99%, OMG Network has advanced 25.18%, and Maker has boosted 6.09%.
On September 29, the overall cryptocurrency market cap now stands at $343.7 billion, and BTC’s dominance index stands at 57.5%.