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Bitcoin Price Hits Two-Week Highs As Bulls Target the 11,000 Mark

Bitcoin price
Bitcoin price

Bitcoin price upward momentum gains strength as the number one bitcoin approaches the 11,000 mark. Bitcoin breaks to the upside the recent consolidation phase that lasted for the last two weeks. BTCUSD found strong support at the 100-day moving average and finally, this week managed to rebound, amid an improvement in risk sentiment. 

Crypto traders are waiting today the Fed’s monetary policy decision and the projections for the U.S. economy, which expected to have a massive impact on the value of U.S. dollar. The recent strength in USD which managed to rebound from two-year lows, has driven dollar-denominated assets to lower levels and that was the case for bitcoin also.  

Bitcoin Futures in Bakkt Hit Record

The recent positive move accompanied by strong volumes in Bitcoin futures traded in the Bakkt exchange an Intercontinental Exchange subsidiary. Bakkt announced that yesterday 15,955 bitcoin futures contracts changed hands a 36% increase from the previous record high of 11,706 contracts on July 28. The volume has reached $172 million. 

Cryptocurrencies are trading mixed today. Ripple is 0.27% lower at 0.2422 while Ethereum is 0.06% lower at 363.80. Bitcoin to British Pound also trading higher as BTC to GBP Bulls Target $8,600.

Bitcoin Price Daily Technical Analysis 

Bitcoin price trades higher for the third straight session marking the highest level since September 4. The short term momentum is positive as long as the price holds above the 10,000 mark. 

Minor resistance for BTCUSD stands at 10,950 the daily top. The next critical resistance is at 11,272 the 50-day moving average. A break above might challenge 11,955 the high from September 2. 

On the contrary, support for bitcoin stands at 0,620 the low from September 15. The next crucial support is the 100-day moving average at 10,339, which if breached might drive BTCUSD down to 9,853 the low from September 8. 

Bitcoin Daily Chart