Bitcoin Price: $11,000 Remains A Resistance Level
Bitcoin is trading in the green today, and at the moment of writing this piece, the king coin is priced at $10,952.85.
As the online publication Cointelegraph noted the $11k level remains a resistance point.
They recently noted that it is premature to expect an extended rally from $11,000.
“Traders have pinpointed the $11,000-$11,300 area as a major resistance range. There is a high probability that a rejection could happen, and $10,100 and $10,500 remain as key support levels,” according to the website.
$11,300 is an important resistance level
They also brought up Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, who recently said that breaking $10,900 would likely result in $11,300. He said:
“Levels to watch on $BTC. Breaking $10,900 -> $11,300 next. Losing $10,600 -> $10,300 next.”
On the other hand, it’s also important to note the fact that a significant rally above $11,300 for BTC is pretty hard to project based on the king coin’s recent performance.
After the serious fall in price from $12,500, $11,300 remains a strong resistance level.
Potential reasons for the price surge of BTC from the past few days
Bitcoin’s surge in price from these past few days seems to have coincided with the recovery of gold and the intraday rally of the U.S. stock market.
More than that, the rise in price for BTC comes as the Federal Reserve hosts a meeting to decide interest rates.
Check out the original article in order to learn more details about their analysis.
In other news, earlier today, it’s been revealed that it’s also important to mention the fact that the king coin’s decline from $12,000 to $10,000 seen in the first week of September was also accompanied by a 10% drop in U.S. tech stocks.
It’s been also reported that analysts at Goldman Sachs are saying that the US stock market sell-off is coming close to an end.
Predictions about a new potential price crash popped up.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.