As Bitcoin faces resistance, traders show interest in DeFi like Uniswap

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Bitcoin price is facing resistance at $11K and traders turn their attention to Defi-tokens such as Uniswap (UNI).
At the beginning of this weekend, Bitcoin’s price is still fluctuating between the $10,800-$11,000 range.
Some analysts may say the digital asset has lost momentum but the 1-hour or 4-hour chart shows Bitcoin chugging along sideways in a defined range which is assumed to see some compression.
Bitcoin price is painting higher lows and lower highs and if this pattern continues we will see a breakout before the weekly close. Of course, predicting the direction of this breakout is the hard part.
If the breakout were to the upside, the overhead resistance at $11,150 and $11,600 will make any attempts at $12,000 difficult, but if the breakout were to the downward, users would expect support at $10,550 but the gap from $10,826 to $10,480 on the volume profile visible range suggests that $10,490-$10,400 is where the price would park.
Therefore, at the moment the risk-to-reward odds for most of the traders are not very enticing, especially in comparison to the juicy price action seen from the likes of UniSwap’s UNI token which rallied another 124% on Friday.
Data from Defi Pulse shows the total value locked (TVL) in UniSwap DEX reached $1.75 billion as traders stampeded back to the platform to acquire various Defi-related tokens or earn high interest from yield farming.
Last day the platform has seen an 80% surge in inflow and the intense focus of traders looking for Defi profits may be reducing demand for Bitcoin as centralized exchanges have registered a drop in spot volumes.
Given that demand for Defi-related tokens such as Ethereum is likely to increase, traders might keep an eye on the price of Ether as the altcoin has already gained 10% since the start of the week and could rally to $422 if bulls can push the price through the high volume VPVR node at $392.
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