Bitcoin (BTC) has moved into the $ 850 streak in recent weeks and the price has recently resumed its trend towards higher daily lows.
Regardless, $ 11,000 is still an obstacle that the price is struggling to overcome, but one upside is that altcoins have started to recoup big losses in recent weeks.
Perhaps now that the CME Bitcoin Options closed without much fuss and a new month is about to begin, Bitcoin’s price could rise higher and finally eliminate the $ 11K resistance.
The weekly chart shows strong support between $ 10,000 and $ 10,500, and as Cointelegraph contributor Rakesh Ubadai notes:
“Bulls are constantly buying when they fall to $ 10,000 and below, and this important psychological level can now serve as a platform for the next phase of the trend.”
As you can see from the chart, the $ 11,000 to $ 11,200 range is hard to beat and risk averse traders are likely to wait for $ 12,000 to switch from resistance to support before entering new positions.
While $ 10,000 has remained a strong support level since the price hit a double bottom of $ 9,800, it is possible to return to a higher volume VPVR node of $ 9,500 if BTC breaks its lower high pattern, dropping below the uptrend line to 10,100 dollars.
This seems unlikely given that the bulls have been aggressively defending the $ 10,000 level over the past two weeks.
In the end, little changed and the bitcoin price continued to rise slowly. In the event of a breach with ongoing bulls buying, he could push the bitcoin price above the $ 11K resistance to try to reach a higher peak above $ 11,400.
As shown in the daily chart, bitcoin is down 13.3% from $ 11,400 on September 3, and the VPVR volume node at this level indicates that it will now act as resistance.
While the price of bitcoin continues to consolidate, digital currencies rallied somewhat. At the time of writing, Polkadot (DOT) is up 4.99%, OMG Network (OMG) is up 25.18%, and Maker (MKR) is up 6.09%.
According to CoinMarketCap, the total market value of cryptocurrencies is now $ 343.7 billion, and the bitcoin dominance index is currently 57.5%.