For the few weeks Bitcoin price has moved within a $850 range and recently the price resumed the trend of daily higher lows.
Despite this, $11,000 remains a hurdle the price has struggled to surpass but one positive point is that altcoins are recovering some of the hefty losses of the past weeks.
Perhaps now that CME Bitcoin options closed without any major disruption and a new month is beginning, Bitcoin price can make a move higher and finally overcome the $11K resistance.
The weekly time frame indicates strong support from $10,000-$10,500 and as Cointelegraph contributor Rakesh Upadhyay noted:
“Bulls have consistently purchased dips to and below $10K and this psychologically important level may now act as a floor for launching the next leg of the uptrend.”
$11,000-$11,200 has been a hard zone to overcome and risk averse traders are likely waiting for $12,000 to turn from resistance to support before opening new positions.
While $10,000 has held as a solid level of support since the price made a double bottom at $9,800, a revisit to the high volume VPVR node at $9,500 is possible if Bitcoin breaks the pattern of higher lows by falling below the ascending trendline to $10,100.
This is unlikely given that bulls have defended the $10K level quite vigorously over the past days.
Finally, not much has changed and Bitcoin price simply remains quite steady. In the event of a breakout with sustained purchasing from bulls, Bitcoin price could push through the $11K resistance to attempt a higher high above $11,400.
On Sept. 3 Bitcoin price dropped 13.3% from $11,400 and the high volume VPVR node at this level suggests it will now function as resistance.
While Bitcoin price is consolidating, altcoins moved a tad bit higher. At the time of writing Polkadot (DOT) has gained 4.99%, OMG Network (OMG) is up 25.18%, and Maker (MKR) has added 6.09%.
According to CoinMarketCap, the overall crypto market cap now stands at $343.7 billion and BTC’s dominance index is currently at 57.5%.