$12K Bitcoin price back on the table after BTC rallies above $11.4K

October 10, 2020   Bitcoin

Bitcoin price rallied to $11,491 after bulls managed to flip the $11K level from resistance to support. On Friday Bitcoin (BTC) price finally managed to break above the symmetrical triangle where the price had been compressing for the last 30 days. After holding the $11,000 level into the daily close, the price rallied to $11,448 on multiple high volume surges. 

On Oct. 8 Cointelegraph contributor Micheal van de Poppe explained that in his view: “If the price of Bitcoin breaks through the $11,100-$11,300 resistance zone, further bullishness can be expected towards $12,000. This makes the $11,100-$11,300 area is a critical zone for continuation.”

Currently the price is holding above $11,400 and meeting resistance at $11,489 which is right at the top of the Sept. 3 candle which saw BTC drop 13% to $9,960. This level aligns with the VPVR node extending from $11,400-$11,740, but if the bulls are able to push through this resistance cluster another run at the $12K mark is on the cards. 

On the daily timeframe, the relative strength index has risen to 65, a bullish signal, and the MACD histogram clearly reflects the current bump in momentum. 

As is always the case, day traders should keep a close eye on volume as the lack of it during the last 30-days is the primary reason for Bitcoin price being flat and pinned below $11,000. 

Ether (ETH) price also took a bullish turn, by piercing a key descending trendline to rally 3.08% to $378. 

At the time of writing the top altcoin is encountering resistance at $375 where there is a high volume VPVR node extending from $376-$389. If bulls are able to maintain the current momentum and push through this resistance zone, Ether price could run to $419.

As BTC and Ether rallied, the majority of altcoins followed suit with double-digit gains. Cardano (ADA) gained 10.19%, Chainlink (LINK) added 11.4% and Aave (LEND) rallied by 15%. 

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $361.5 billion and Bitcoin’s dominance index is currently at 58.4%.

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