For the few weeks Bitcoin (BTC) price has moved within a $850 range and recently the price resumed the trend of daily higher lows.
Despite this, $11,000 remains a hurdle the price has struggled to overcome but one positive is that altcoins are beginning to recover some of the hefty losses of the past few weeks.
Cryptocurrency daily market performance snapshot. Source: Coin360
Perhaps now that CME Bitcoin options closed without any major disruption and a new month is on the verge of beginning, Bitcoin price can make a move higher and finally clear the $11K resistance.
The weekly time frame shows strong support from $10,000-$10,500 and as Cointelegraph contributor Rakesh Upadhyay noted:
“Bulls have consistently purchased dips to and below $10K and this psychologically important level may now act as a floor for launching the next leg of the uptrend.”
As the chart shows, $11,000-$11,200 has been a difficult zone to overcome and risk averse traders are likely waiting for $12,000 to turn from resistance to support before opening new positions.
BTC/USDT weekly chart. Source: TradingView
While $10,000 has held as a solid level of support since the price made a double bottom at $9,800, a revisit to the high volume VPVR node at $9,500 is possible if BTC breaks the pattern of higher lows by falling below the ascending trendline to $10,100.
This seems unlikely given that bulls have defended the $10K level quite vigorously over the past two weeks.
BTC/USDT daily chart. Source: TradingView
Ultimately, not much has changed and Bitcoin price simply continues to slowly grind higher. In the event of a breakout with sustained purchasing from bulls, Bitcoin price could push through the $11K resistance to attempt a higher high above $11,400.
As shown on the daily timeframe, on Sept. 3 Bitcoin price dropped 13.3% from $11,400 and the high volume VPVR node at this level suggests it will now function as resistance.
Bitcoin price daily performance. Source: Coin360
Author: Cointelegraph By Ray Salmond