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Bitcoin (BTC) Price Analysis for October 14

Have bulls already seized the initiative on the way to $11,000?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

The situation on the cryptocurrency market has improved over the last day as all Top 10 coins are again in the green zone. Cardano (ADA) is the main gainer from the list, whose rate has increased by 8.45%.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The rise of most of the coins has affected the total market capitalization, which has risen by $5 bln and is now $364 bln.

Cryptocurrency market capitalization
Cryptocurrency market capitalization

The relevant data for Bitcoin today:

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  • Name: Bitcoin

  • Ticker: BTC

  • Market Cap: $211,307,158,427

  • Price: $11,411.72

  • Volume (24h): $22,633,304,043

  • Change (24h): -0.97%

The data is relevant at press time.

BTC/USD: Can bulls get to $12,000 before an upcoming drop?

Yesterday morning, the pressure from the bears began to build up, and in the afternoon the Bitcoin (BTC) price had already pierced the support of $11,200.

👉 MUST READ BTC, ETH and XRP Price Analysis for October 12related article image

However, in the afternoon, after a retest of the two-hour EMA55, bulls seized the initiative and formed a rather powerful bullish momentum. Bitcoin (BTC) has broken through the 50% Fibonacci level, which kept it in a sideways range over the weekend.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

At the end of the day, the pair set a maximum around the level of $11,730, while at night the trading volumes decreased and the price fixed above the 50% Fibo level ($11,394). If the bulls manage to form a second impulse, then the cryptocurrency will test the psychological level of $12,000. But the pair may not be able to hold above the 50% Fibonacci level for a long time. Most likely, BTC will return to the area of ​​average prices in the near future.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the 4H chart, bulls still control the situation. However, a slight correction is possible to the zone of $11,200 to gain liquidity for a further price rise. The long-term bearish scenario will come into force if Bitcoin (BTC) can fix below the $11,000 mark.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

On the daily time frame, Bitcoin (BTC) is about to locate in the range between $11,000 and $11,300 before, bulls or bears will take the initiative. The trading volume is going down, which means that the decline to the aforementioned level is possible by the end of the current week.

Bitcoin is trading at $11,345 at press time.

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com