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Bitcoin Price Analysis: BTC Crosses $11.5K, What’s the Next Stop?

A previous analysis published on Coinfomania showed that October would be more profitable for Bitcoin compared to the bearish September.

The new month started rather slurpy as prices continued to show minimal action. But last week, BTC price moved from $11,057 to $11,389 in less than three hours, putting an end to slow movements. 

Since the Saturday rise, traders continued to trade Bitcoin at not less than $11,200. One responsible factor for the price boost was the actions of traders.

According to the Relative Strength Index (RSI), traders got really busy buying Bitcoin. This drove Bitcoin to the overbought region. And as a result, prices improved. At the time of writing, RSI is moving between 50 and 60 NE.

Over the years, the ease of using and trading Bitcoin continued to play a key role in its price. One of the tools responsible for improving the ease of using Bitcoin is Bitcoin ATMs. Since the first Bitcoin ATM was installed in Febraury 2014, the number has continued to grow to date. 

Bitcoin ATMs are like regular ATM that allows people to buy Bitcoin with cash or debit card. Some of these ATM also aid the selling of Bitcoin.

Coinfomania reported yesterday that the Italian city, Bari, welcomed its first Bitcoin ATM boosting the total BATM globally to near 11,000 across 71 countries.

BTC/USD

  • Key Support Levels; $10,600, $11,200, $11,300, $11,400
  • Key Resistance Levels: $11,500, $11,600, $11,700 

The $11,500 mark is a short term resistance level. It got broken yesterday, as prices reached as high as $11,690. If enough bulls are present, prices can as high as $11,700, breaking the $11.7k  resistance level. 

At the time of writing, prices are at $11,461. The current price signifies that the bullish run is coming to an end and prepares to test the $11,400 support level. If bears continue to control the market, prices may break the $11,200 resistance. For now, the $10,600 support level is long term support.

 

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