There are signs of a huge drop in the price of bitcoin at $ 11,300.


The price of bitcoin (BTC) appears to be on a good foot after entering the weekend relatively unevenly on Friday with the price continuing to fluctuate between $ 10,200- $ 10,400.

Cryptocurrency Daily Market Performance Snapshot. Source: Coin360

At the time of writing the daily chart, the top-ranked digital asset shows tightening in a panther and since making a double bottom at $ 9,838, BTC has produced a pattern of high lows, which has now priced in a tight range Has quipped.

BTC / USDT Daily Chart

BTC / USDT Daily Chart. Source: TradingView

While the trading volume still leaves much to be desired, the moving average convergence deviation indicator pulls the MACD closer to the signal line and smaller bars on the histogram indicate that sales are slowing.

Encouraging, the RSI remains below the midline and even though BTC is now above 100-MA, Peanut is still looking for next-stage traders to support $ 10.5K for a breakthrough.

As mentioned in the previous analysis, if the price can rise through $ 10.5K, the bulls will try to exploit the VPVR difference from $ 10,500- $ 11,000, but there is a possibility that the 20-MA ($ 10,900) Moving more toward $ 11,300 will act as resistance.

Bitcoin price daily performance

Bitcoin price daily performance. Source: Coin360

While the price of bitcoin continues to consolidate towards another decisive move, altcoins have moved higher to test key resistance levels that had strong support just one week earlier.

Yearn.finance (YFI) was a top performer, up 22.5% to $ 38,333. Binance Coin (BNB) increased by 11.30% and ONT by 13.19%.

According to CoinMarketCap, the overall cryptocurrency market cap is now $ 334 billion and Bitcoin’s dominance index is currently 56.8%.

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