At the time of writing, Bitcoin is exchanging hands at $11,008 amid a growing bullish momentum, as highlighted by the Relative Strength Index (RSI). The indicator continues to sustain gradual recovery from the price dip to $9,800 in September’s first week.
BTC/USD daily chart
As the bulls find bearing above $11,000, it is essential to anticipated resistance likely concentrating at the 50-day Moving Average ($11,272). If the ongoing bullish momentum remains intact, the flagship cryptocurrency could soon flip the 50-day SMA into support. Such a price action would see buyers shift their focus on the resistance levels closer to $12,000, like $11,800.
According to on-chain data provided by IntoTheBlock, the largest cryptocurrency is heading for its biggest test. The most challenging resistance lies at $11,374 – $11,702. It is vital to note that 1.32 million addresses had previously purchased 845,190 BTC in the range. If this zone is pulled into the rear, $12,000 will would be an easy nut to crack as BTC would have the potential to hit highs above $12,400. On the flip side, on-chai data shows that Bitcoin is treated to immense support right from the first range between $10,698 and $11,026 to the last zone at $9,365 – $9,713.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com