Bitcoin price rallied to $11,491 following bulls managed to flip the $11K level from resistance to allow for.
On Friday Bitcoin (BTC) price finally maintained to kick over the symmetrical triangle in which the price happen to be compressing for any previous thirty days. After holding the $11,000 amount into the day close, the cost rallied to $11,448 on multiple higher volume surges.
Cryptocurrency each day market performance snapshot
On Oct. eight Cointelegraph contributor Micheal van de Poppe clarified that in his view:
If the price of Bitcoin breaks through the $11,100 1dolar1 11,300 resistance zone, additional bullishness may be expected towards $12,000. This makes the $11,100 1dolar1 11,300 area is an essential zone for continuation.
Now the price is having above $11,400 and meeting resistance at $11,489 which is right at the roof of the Sept. 3 candle which saw BTC drop 13 % to $9,960. This particular level aligns along with the VPVR node extending from $11,400-1dolar1 11,740, but in case the bulls can drive through this resistance cluster an additional run on the $12K mark is on the cards.
On the daily timeframe, the relative toughness index has risen to 65, a bullish signal, and the MACD histogram definitely reflects the present bump of momentum.
As is always the case, day traders should keep an eye on volume as the lack of it during the last 30 days is actually the principal reason behind Bitcoin price being flat and pinned under $11,000.
At the time of composing the very best altcoin is encountering resistance from $375 in which there is a high volume VPVR node extending from $376-1dolar1 389. If bulls can maintain the current momentum and push with this resistance zone, Ether price might operate to $419.
As BTC and Ether rallied, the largest percentage of altcoins followed fit with double-digit gains. Cardano (ADA) gained 10.19 %, Chainlink (LINK) added 11.4 % and Aave (LEND) rallied by fifteen %.
Based on CoinMarketCap, the complete cryptocurrency market cap today stands at $361.5 billion and Bitcoin’s dominance index is currently at 58.4 %.