The price the leading cryptocurrency Bitcoin [BTC] has shifted within a gain of around $850+ range & recently the worth resumed the trend of daily higher & lows.
Despite this, $11k remains a hurdle the worth has struggled to overcome resistance but one positive is that altcoins are starting to recover a number of the hefty losses of the past few weeks.
Perhaps now that CME Bitcoin options closed with none major disruption and a new month on the verge of beginning, Bitcoin price can make a move higher and eventually clear the $11K resistance.
The weekly time-frame shows strong support from $10,000 USD to $10,500 USD price range. The present market states the accumulation as:
“Bulls have consistently purchased dips to and below $10K and this trend is indeed an important level as a floor for launching a subsequent leg of the uptrend.”
As the present chart reveals, $11,000 USD to $11,200 USD has been a difficult benchmark zone to beat and risk-averse traders are likely expecting $12k to show from resistance to support before opening new positions.
On the other hand, while $10k has held as a solid level of support since the worth made a double bottom at $9,800 USD, a revisit to the high volume VPVR node at $9,500 USD is feasible if Bitcoin [BTC] breaks the pattern of lower highs by falling below the ascending trendline to $10,100 USD.
This seems unlikely as long as the bullish run has defended the $10K level quite vigorously over the period of past 2-weeks.
Ultimately, not much has amended for now & the price of Bitcoin simply continues to slowly grind higher. Within the event of a breakout with sustained purchasing from bulls, Bitcoin price could erupt the $11K resistance to aim a better high above the $11,400 USD price mark.
As shown in the daily timeframe, recently on 3rd Sept. Bitcoin price dropped 13.3% from a price high of $11,400 USD and therefore the high volume VPVR node at this level suggests it’ll now act as a new resistance level for BTC.