Bitcoin price dropped in the last few weeks from $12.000 to $10.000 but on Tuesday, September 15, it slightly increased. Looks like the good news is coming. The support level was set at $10.000 and the Bitcoin price hit it several times during the last weeks, with closing near to $11.000. But one question is still existing, may the Bitcoin price at $11.000 hinder BTC bull activity? This level is critical for the bullish momentum. Are BTC bulls capable to drive it to break through this area?
What if the Bitcoin price goes above $11.000?
The main problem is how to secure Bitcoin from a market correction. During the first days of September, the Bitcoin price didn’t hold at this level and dropped to $10.000. The crypto market dropped too.
Bulls are on the run, but can it last
Currently, the bitcoin price is showing signs of a bullish trend, but some analysts are warning that a resistance level at $11,000 may keep for a while. After dropping from $12,000, BTC showed support at $10,000, which can be described as a psychological barrier.
The $10,000 support area could prove to be critical, as it was a resistance zone until May when halving occurred. And its change into a support zone could indicate a coming upward trend.
What changes may we expect from bitcoin price?
Currently, the bitcoin price shows signs of upward trending, but it is not very certain how high it will go. For now, there seem to exist two support zones, at $9,200-9,500 range and also near the $10,000 point.
But, while before bitcoin price dropped from this month’s high of $12,000, there was a support zone around $11,100. Which currently presents a clear resistance point. For how long it will keep depends on the future market movements.
This is why it can be that a slightly lower price point, around $10,900 is a resistance zone. The next resistance zone is slightly above the previous support zone, in the $11,100-11,300 range. If this level gets broken it could trigger a massive rally. Current bullish predictions point toward a resistance point around $12,000 for such a rally.
And this new resistance point could be a real obstacle for bull traders. Earlier this year BTC did break the $12,000 point, but it didn’t last for very long.
There are some concerns voiced over the latest surge of bitcoin price and what is fuelling it, and that in the short run it may be a sideway market for the bitcoin. So maybe bullish traders should curb their enthusiasm about breaking the $11,000 resistance level.