Skip to main content

Bitcoin price in flux: Bulls target $11.5K, bears desire drop to $9.8K

As Bitcoin price consolidates, bulls target $11.5K and bears expect a drop below $9.8K.

Bitcoin (BTC) price appears to be gearing up for another shot at the $11K mark but traders shouldn’t get overly excited as resistance in the $11,000-$11,200 zone and at $11,389 have kept the price from moving higher for the last few weeks. 

Crypto Fear & Greed Index

Crypto Fear & Greed Index. Source: Alternative.me

Currently the Crypto Fear & Greed Index registers 49 which shows crypto investors feel neutral about the current state of the market. While it’s difficult to gauge the accuracy of the indicator, Bitcoin price and volume have been relatively flat as the price is basically pinned between $9,900-$11,200. 

BTC/USDT daily chart

BTC/USDT daily chart. Source: TradingView

As the daily chart shows, since Sept. 18 Bitcoin price has bounced between the trendlines of the symmetrical triangle and if the compression continues investors will start to look for a decisive move to occur in the coming week.  

In the event that the price drops from the symmetrical triangle the volume profile visible range (VPVR) shows buying interest from $9,950 to $9,200 and looking back to Sept. 3 through Sept. 10 bulls consistently purchased dips below $10,000. 

As mentioned in a previous analysis, for the moment it seems that traders are waiting on Bitcoin price to make a stronger move above $11,500 or below $9,800 before becoming more engaged with the market. 

DeFi tokens fall flat as Bitcoin price consolidates

While Bitcoin price has held a relatively stable range, DeFi tokens appear to have lost their bullish momentum. 

At the time of writing CoinGecko’s Top 100 DeFi Coins index shows that 45 of the 100 listed tokens have registered losses in the past 24-hours and Uniswap data shows volume has declined when compared to the $953 million record reached on Sept. 1. 

Uniswap daily trading volume

Uniswap daily trading volume. Source: Uniswap

Even top DeFi darlings like Yearn.finance (YFI), Aave (LEND), and Chainlink (LINK) have corrected sharply in the last month and traders will note that YFI is currently down 43% from its all-time high at $44,000. 

Some analysts have suggested that the profits and funds invested in DeFi protocols are steadily making their way back into Bitcoin but data is yet to support this narrative. 

Bitcoin price daily performance

Bitcoin price daily performance. Source: Coin360

As Bitcoin and DeFi tokens search for momentum, altcoins managed to accrue marginal gains. At the time of writing, Ether (ETH) is up 0.50%, Binance Coin (BNB) has added 5.19%, and Cosmos (ATOM) rallied 8.39%.  

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $346.5 billion and Bitcoin’s dominance index is currently at 57.6%.

Keep track of top crypto markets in real time here


from https://ift.tt/3jaTlAt
https://ift.tt/36k8g7F
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

Meta's head of crypto to step down at end of year

In explaining his decision to leave Meta, David Marcus said that his entrepreneurial DNA had been nudging him “for too many mornings in a row to continue ignoring.” David Marcus, the head of Meta’s cryptocurrency and fintech unit Novi, will step down from his role by the end of 2021. Taking over from Marcus will be Stephane Kasriel, the former CEO of Upwork who has been at Meta, formerly known as Facebook, since August 2020. Marcus announced the decision via a Dec. 1 tweet , noting that he had made the “difficult decision” to leave the firm by the end of this year. The exec didn’t go into detail about what his next move would be, but hinted that it may be something “new and exciting” that he builds himself: “While there’s still so much to do right on the heels of launching Novi — and I remain as passionate as ever about the need for change in our payments and financial systems — my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it.” Ma...
Post a Comment
Read more