Bitcoin Struggles to Hold at $11.5k, Settles down on $11.3k

October 16, 2020


Bitcoin indicating a bullish signal on Thursday, while Ethereum futures open interest holds at $1 billion in the last month. Bitcoin’s 24-hour price range is $11,249-$11,543. BTC is exchanging around $11,537 as of 20:00 UTC (as on October 15), with rising up by 1.5% in the last 24 hours, while settling down to $11.363. BTC below its 10-day and 50-day moving means, indicating a bullish signal for market technicians.


The upward trend arrives as the world’s biggest-cryptocurrency has tried to stay above $11.5k since October 13. An executive at exchanging firm Efficient Frontier, Andrew Tu stated that this phenomenon is popularly known as resistance, where traders create sell momentum and hold the BTC from pushing upwards and earn profits. 


Further, Tu stated that there is great resistance since $11,400, it might be hard to stay above the $11.5k price and start with the price range from $10,500-$11,500. Excluding the exception of a rapid rise to as high as $11,7k on October 13, bitcoin has been in the price range between $11,400-$11,500 since this week.


Bitcoin’s price is on the rise Thursday, moving from a general level pattern to hit as high as $11,543 on spot trades, such as Bitstamp. It was at $11.3k at the time of writing. Vishal Shah, a crypto choice dealer and organizer of derivatives trade Alpha5, says the previous open interest spike can be attributed to the decentralized finance, or frenzy, DeFi. 


Bitcoin is destroying customary investment hedges, such as gold and silver. While gold is up 26% in 2020 and silver has increased by 35%, bitcoin has climbed 57%. The second-biggest digital money in the world, Ether (ETH), was up Thursday exchanging around $378 and climbing 0.74% in 24 hours as of 20:00 UTC (4:00 p.m. ET).


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