The Bitcoin (BTC) price seems to be closing for another week and stays below the $ 11,000 resistance level, but given the major events this week, things could have been much worse.
The highest-ranked cryptocurrency by market value held its place when KuCoin revealed that more than $ 150 million in assets were stolen from the stock exchange, and the price spun a bit when CTFC announced that a lawsuit was filed against BitMEX.
The price escaped another fall when DOW and S&P 500 futures fell sharply after the announcement of the infection of US President Donald Trump with coronavirus.
Previously, only one of the mentioned events could have led to the bitcoin price having fallen by at least 10%, and as history shows, altcoins could have been crushed even further.
According to Cointelegraph contributor Marcel Bischman, Bitcoin’s resilience in the face of serious negative news events shows that professional and individual investors remain optimistic about digital assets, and Pehman suggested that the upward trend of $ 12,000 could resume faster than investors expected.
Like last week, Bitcoin continued to contract in the symmetrical triangle, with the price holding above $ 10,500.
The Visible Volume Profile Range (VPVR) on the daily chart shows a large gap of $ 1,450, which is the length of the September 3 candlestick when Bitcoin fell from $ 11,400 to $ 9,950, and after this 13% correction, the price was locked in that range .
The RSI is currently just above 45 and shows that the MACD convergence divergence is approaching to cross the signal line as sales volume increases.
This is not very worrying, and from an overall perspective we can see that the price continues to make higher declines and lower highs when the price falls. While the trader’s emotions may be optimistic, the most important element at this point is volume.
Stay calm and move on
As for the current Bitcoin range, if we look back on May 25 – July 20, the price was pushed into a similar symmetrical triangle ahead of a breakout with a strong 36% rally that pushed the price to the 2020 high of $ 12,480.
It is likely that traders will monitor the current structure to see if a similar scenario arises. As mentioned in the previous analysis, keeping the price above $ 10,380 would keep the price in a symmetrical triangle, but below this level there was obvious buying interest in the range of $ 10,200 to $ 9,800.
In the event of an upside breach, the bitcoin price will still have to cross several resistance levels from $ 11,000 to $ 11,400, hence the need for a large volume increase to eliminate all general resistance.
Overall, this is not good news, and when it comes to price dynamics, Bitcoin has not given anything meaningful in the last week.
In fact, the surprising news of Bitcoin’s shortages in a week is full of events that could have hit the price hard in recent years.