The Bitcoin (BTC) price seems to be preparing for a new $ 11,000 opportunity, but traders should not be overly excited, as resistance in the $ 11,000 to $ 11,200 range and to $ 11,389 has kept the price from rising above the last weeks. .
The Crypto Fear & Greed Index currently scores 49 points, which indicates that crypto investors are neutral in relation to the current market situation. Although it is difficult to assess the accuracy of the indicator, the price and volume of bitcoins remain relatively stable, as the price is generally in the range of $ 9,900 to $ 11,200.
As the daily chart shows, the bitcoin price has jumped between the symmetrical triangle lines since September 18, and if the pressure continues, investors will start looking for a decisive move that will take place next week.
In case the price falls from the symmetrical triangle, the visual range of the volume profile (VPVR) shows interest in buying from 9,950 to 9,200 dollars, and from 3 to 10 September, the bulls constantly bought on the falls below. $ 10,000.
As we mentioned in the previous analysis, it currently appears that traders are waiting for the bitcoin price to make a stronger move above $ 11,500 or below $ 9,800 before becoming more active in the market.
DeFi tokens are reduced steadily as the Bitcoin price is consolidated
While the bitcoin price has maintained a relatively stable range, it appears that DeFi tokens have lost their bullish momentum.
At the time of writing, CoinGecko’s Top 100 DeFi Coins Index shows that 45 of the 100 listed tokens have recorded losses in the last 24 hours, and Uniswap data shows that the volume is down from the figure of $ 953 million reached on 1 September.
Even big DeFi fans like Yearn.finance (YFI), Aave (LEND) and Chainlink (LINK) made a sharp correction last month, and traders will notice that YFI is currently down 43% from a full-time high of $ 44,000. …
Some analysts have suggested that profits and money invested in DeFi protocols are constantly shifting to Bitcoin, but the data have not yet confirmed this theory.
As Bitcoin and DeFi looked for momentum, altcoins yielded marginal gains. At the time of writing, Ether (ETH) is up 0.50%, Binance Coin (BNB) is up 5.19%, and Cosmos (ATOM) is up 8.39%.
According to CoinMarketCap, the total market value of cryptocurrency is currently $ 346.5 billion dollars, and the Bitcoin Dominance Index is currently 57.6%.