{"id":89864,"date":"2020-10-15T16:58:00","date_gmt":"2020-10-15T13:58:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-must-hold-11000-for-october-rally-to-continue\/"},"modified":"2020-10-15T16:58:00","modified_gmt":"2020-10-15T13:58:00","slug":"bitcoin-price-must-hold-11000-for-october-rally-to-continue","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-hold-11000-for-october-rally-to-continue\/","title":{"rendered":"# Bitcoin price must hold $11,000 for October rally to continue"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3df8e142ee0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3df8e142ee0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-hold-11000-for-october-rally-to-continue\/#Rangebound_and_holding_11000\" >Rangebound and holding $11,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-hold-11000-for-october-rally-to-continue\/#Gox_Bitcoins_stay_put\" >Gox Bitcoins stay put\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-hold-11000-for-october-rally-to-continue\/#4-hour_chart\" >4-hour chart<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-hold-11000-for-october-rally-to-continue\/#Total_market_cap_looks_to_test_250_billion\" >Total market cap looks to test $250 billion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-must-hold-11000-for-october-rally-to-continue\/#Likely_short-term_scenario_for_BTCUSD\" >Likely short-term scenario for BTC\/USD\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin price must hold $11,000 for October rally to continue <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">\n<p dir=\"ltr\">Bitcoin (BTC) price broke upward in the first half of October, resulting in a rally from $10,500 to $11,700. However, the momentum may be shifting once more as strength diminishes across the cryptocurrency market.\u00a0<\/p>\n<p>A similar setup also h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened prior to Bitcoin\u2019s latest upward break with sideways consolidation in BTC causing altcoins to drop south heavily, especially the Defi sector.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rangebound_and_holding_11000\"><\/span>Rangebound and holding $11,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p dir=\"ltr\">But significant support at $11,000 is now a must-hold level to resume the bullish momentum, which may find difficulty clearing current levels as renewed coronavirus lockdowns are spooking investors.<\/p>\n<p>Traders still remember the previous pandemic fear in March that caused prices of many assets across markets, including BTC, to drop severely.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"788\" alt=\"BTC\/USD 1-day chart\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/f79cee75ba364dacdac87bc49f28f101.\" title=\"BTC\/USD 1-day chart\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/sYXqr6C5\/\">TradingView<\/a><\/em><\/p>\n<p>Bitcoin\u2019s daily chart shows a strict breakout above $11,000, which was critical for any bullish momentum.<\/p>\n<p>However, sustaining support at $11,000 is a must for the bullish case to hold weight, making a test of the upper range at $12,000 increasingly likely.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gox_Bitcoins_stay_put\"><\/span>Gox Bitcoins stay put\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Many investors tend to factor in a potential sell-off of the 150,000 BTC involved in the Mt. Gox fiasco each time a new deadline nears.\u00a0<\/p>\n<p>However, the deadline for the release of these Bitcoins was extended once again today diminishing these fears, or at least until Dec. 15, 2020\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"4-hour_chart\"><\/span>4-hour chart<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: center;\"><em><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"788\" alt=\"BTC\/USDT 4-hour chart\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/31a1a71106ef801ac4f6b5e3b27fff86.\" title=\"BTC\/USDT 4-hour chart\"\/><\/em><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/YBeWeo0e\/\">TradingView<\/a><\/em><\/p>\n<p>Meanwhile, the smaller timeframe shows a similar picture with the $11,000-11,150 area being a critical zone to hold as support.\u00a0<\/p>\n<p>If that area is lost, a sharp dive is likely toward the $10,600 region. Even that CME gap below $10K may return as a topic of discussion.\u00a0<\/p>\n<p>However, as the $11,000-11,200 level is such an important support zone to hold, holding here would warrant a test of the range\u2019s upper region, lined out in the upper chart, namely $11,800-11,900 and potentially even $12,100.\u00a0<\/p>\n<p>The real question is then whether Bitcoin has enough strength to break through that resistance level. Breaking $12K may see a massive bullish move that is likely to push up values across the entire crypto market.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Total_market_cap_looks_to_test_250_billion\"><\/span>Total market cap looks to test $250 billion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"788\" alt=\"Total market capitalization cryptocurrency 1-week chart\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/396054027e7d47c03b518b3de8beb7a6.\" title=\"Total market capitalization cryptocurrency 1-week chart\"\/><\/p>\n<p style=\"text-align: center;\"><em>Total market capitalization cryptocurrency 1-week chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/ntAuA1nF\/\">TradingView<\/a><\/em><\/p>\n<p>The total market capitalization is still stuck inside a range. The upper part of the range is defined by the resistance zone between $380-405 billion. The lower part is found at $265-285 billion and is still untested.\u00a0<\/p>\n<p>At the start of a new bull cycle, previous resistance levels get tested for support before further continuation occurs.\u00a0<\/p>\n<p>A test of the $265-285 billion areas seems likely in that sense, as that would sustain a further continuation of the range-bound structure. Those range-bound constructions are also signs of the accumulation part of a new cycle.\u00a0<\/p>\n<p>Next to that, if the total market capitalization starts to move sideways, the 100-week and 200-week moving averages (MAs) will come in to play as potential support. Those indicators are significant signs of support and further continuation upward as they define bull\/bear markets.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Likely_short-term_scenario_for_BTCUSD\"><\/span>Likely short-term scenario for BTC\/USD\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"788\" alt=\"BTC\/USDT 6-hour chart\" src=\"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/0ae9221811d022b71ab78b638d1745f0.\" title=\"BTC\/USDT 6-hour chart\"\/><\/p>\n<p style=\"text-align: center;\"><em>BTC\/USDT 6-hour chart. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/u6z9XgBG\/\">TradingView<\/a><\/em><\/p>\n<p>The most likely scenario would be more upside and a possible test of the $12,000 area after successfully holding the $11,000-11,200 region as support.<\/p>\n<p dir=\"ltr\">However, an im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te breakout above $12,000 is not likely unless the U.S. Dollar Currency Index (DXY) starts to really tumble. Such a case would suit a very bullish breakout for the price of Bitcoin, opening up the possibility of new multi-year highs.<\/p>\n<p><span style=\"font-size:12px;\"><em>The views and opinions expressed here are solely those of the <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl?lang=en\">author<\/a> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/span>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-must-hold-11-000-for-october-rally-to-continue\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin price must hold $11,000 for October rally to continue &#8221; Bitcoin (BTC) price broke upward in the first half of October, resulting in a rally from $10,500 to $11,700. However, the momentum may be shifting once more as strength diminishes across the cryptocurrency market.\u00a0 A similar setup also happened prior to Bitcoin\u2019s latest&#8230;<\/p>\n","protected":false},"author":1,"featured_media":89865,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/storage\/uploads\/view\/3b15d0e7a84754e8311394620921741a.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,75164,73785],"class_list":["post-89864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-price-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/89864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=89864"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/89864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/89865"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=89864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=89864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=89864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}