Bitcoin (BTC) cryptocurrency rate is approaching a powerful barrier of resistance at around $ 10,850. If the bulls break through this barrier, the price of the coin will rise to $ 11,000 by October 13th.
Bitcoin fell to $ 10,387 (Bitstamp data) on October 2. Then BTC/USD value began to rise. Buyers broke through the resistance at $ 10,550 and $ 10,650. The cryptocurrency rate exceeded the 50% Fib recorded as a result of the dump from $ 10,930 to $ 10,387. However, after reaching the 76.4% Fib, BTC began to actively sell, so the coin rate did not fix higher this barrier.
The upward movement will meet resistance around $ 10,850, $ 10,920 and $ 11,000. Support barriers have formed at $ 10,650 and $ 10,600 (coincides with the 100 hour average of the asset value). BTC price fluctuates within a contracting triangle, the pattern lines will cross on October 12. In this regard, the level of volatility should decrease over the next week, but after the breakout of the triangle, a powerful dump is expected.
Binance exchange has orders to sell BTC at a price of $ 11,000 for a total of about $ 30 million. On other trading floors, a similar trend is observed – traders form a wall of resistance that the bulls cannot break. Given this fact in conjunction with the data on the chart, it can be assumed that market makers will pump the asset rate to a high liquidity zone ($ 11,000) in order to sell a large amount of coins. After that, the asset price will be dumped to the nearest serious support barrier – $ 10,000.
The growth of the Bitcoin rate to $ 11,000 is supported by the results of fractal analysis and blockchain indicators. Analyst Willy Woo published statistics on the number of BTC owners in different countries of the world. According to the results of opinion polls, cryptocurrency is popular in countries with high inflation rates of the national currency. According to Wu, residents of these countries use BTC as a store of value – they buy coins and go. Moreover, at the end of September, the computing power of the BTC network reached a record high of 143,138 TH/s. This suggests that miners are confident in the high potential of the asset and are investing in new Bitcoin farms.