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22 September 2020

Bitcoin price finally breaks $11K as traders assess BTC’s next move

Bitcoin price finally breaks $11K as traders assess BTC’s next move


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Some traders suggest that profits from Ether and DeFi tokens are being cycled into Bitcoin.

Nonetheless, after the breakout of Bitcoin above $10,500, a level that has acted as a strong resistance, the sentiment of traders is mixed.

Some traders believe that BTC will face rejection at the $11,000 level.

The bullish case for Bitcoin in the short term is a retest of the $11,000 resistance level without a steep rejection.

If the price of Bitcoin remains relatively stable after rising above $11,000, that would amplify the bullish case for Bitcoin.

The $13,000 level is a resistance area that Ark Invest CEO Cathie Wood previously discussed.

During a podcast hosted by Ark Invest back in August, Wood said that getting through $13,000 would mean “very little” resistance to a new high.

In a follow-up analysis, Morra said: “Now let’s see if lower one gonna be filled.” Technically, a move up to the $11,000 resistance level and a drop back down to the $9,600 support level is a healthy minor correction for BTC.

First, cryptocurrency trader Cantering Clark said profits from Ether and DeFi are likely moving back into Bitcoin

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cointelegraph.com
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