- Bitcoin price tests $10800 but unable to sustain
- Bitcoin adoption is increasing as DeFi takes lead in the market trends.
- Bitcoin likely to retest the $10800 to break past to $11500
The Bitcoin price tested the $10800 resistance on the 15th of September. Tokenized Bitcoins are increasing Bitcoin adoption through DeFi and in turn, have positive effects for the Bitcoin price movement.
Trading Axis is of the opinion that the BTC price will rise towards the $11500 level. Trading Atlas believes that the price line will retest the $10800 soon, after it completes a pullback.
1-Day Bitcoin price analysis
The cryptocurrency traded near the $10675 mark at the beginning of the day’s trade. The price line achieved a day’s high of $10935.33 US Dollars at 12:40 GMT on the 15th of September. Bitcoin’s price fell to a day’s low of $10627.58 at 08:45 GMT. At the time of writing, Bitcoin trades at $10718.93 US Dollars on Bitstamp.
At the time of writing, the 20-Day Exponential Moving Average (20EMA) was observed at $10747.71, whereas the 50-Day Moving Average (50MA) stood at $10769.61. At 08:45 GMT, the RSI indicator fell to a low of 13.75. Such a low value for the technical indicator shows that the cryptocurrency was highly oversold.
Bitcoin tokenization appears to be growing as the demand of tokens increases. Tokenized Bitcoins now make up around 13 percent of the total value locked in DeFi protocols. Over 100K tokenized Bitcoins are locked in different protocols. Earlier in September, the total number of these tokens was around 70K.
Wrapped Bitcoin is the biggest Bitcoin tokenization platform and it has the most (56.8K) Bitcoins in the decentralized finance sector. This demand for the cryptocurrency king is expected to rise with time, especially due to the increased adoption of BTC tokenization and other protocols.
Will BTC price observe a pullback?
The Trading View analyst Atlas Trades believes that the BTCUSD pair will return towards the $10800 level after exhibiting a pullback. Currently, the BTC price appears to be testing the $10800 resistance.
The important support level lies near the $10000 level, while the expected pullback will cause the price line to fall towards the $10200 to $10300 range. If this comes into play and the BTCUSD pair bounces off the resistance, the price line will retest the $10800 resistance soon. Once the cryptocurrency’s price stops falling during the pullback, traders can long it to retest the resistance.
What to expect from Bitcoin’s price?
The Trading View analyst Trading Axis believes that the BTC price will rise towards the $11530 mark soon. The analyst highlighted the key support level at the $10000 mark.
BTC price has held this key support structure ever since it rose above the $10000 mark on the 27th of July. The cryptocurrency’s price made its way past the $12000 level, after which it returned to the support level on the 3rd of September. The target price for this trade lies at $11531.52, and the stop-loss was placed at $9504.98. On the 1-day chart, the Relative Strength Index (RSI) has depicted a bullish move on its scale. It is important for the cryptocurrency king to hold this $10000 support structure or it will turn bearish and fall below the $9000 mark.
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