Bored with Bitcoin price, traders chase gains in altcoins and DeFi tokens
September 29, 2020 @ 13:21 +03:00
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.
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:
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.
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.
While Bitcoin price continues to consolidate, altcoins moved a tad bit higher. At the time of writing Polkadot (DOT) has gained 4.99%, OMG Network (OMG) is up 25.18%, and Maker (MKR) has added 6.09%. According to CoinMarketCap, the overall cryptocurrency market cap now stands at $343.7 billion and Bitcoin’s dominance index is currently at 57.5%.
Bored with Bitcoin price, traders chase gains in altcoins and DeFi tokens, CoinTelegraph, Sep 29