Bitcoin is consolidating and the bulls are hoping for $ 11,500 and the bears for $ 9,800.
The Bitcoin (BTC) price is likely to attack $ 11,000 again. But traders shouldn’t get too hopeful as the resistance between $ 11,000 and $ 11,200 and at $ 11,389 has kept price in check for the past few weeks.
The Crypto Fear & Greed Index is currently 49. This means that crypto investors are neutral about the current market situation
It is difficult to judge how accurate the indicator is. But Bitcoin’s price and volume have been relatively flat, and the price is stuck between $ 9,900 and $ 11,200.
As can be seen on the chart, the Bitcoin Rush price has moved between the trend lines of the symmetrical triangle since September 18. If this compression continues, investors expect a big move in the coming week.
According to the VPVR, if the price falls below the symmetrical triangle, there is buying interest between $ 9,950 and $ 9,200. If you look back over the September 3-10 period, you can see that the bulls have consistently bought the declines below $ 10,000.
It still looks at the moment like traders are waiting for the Bitcoin price to rise above $ 11,500 or to fall below $ 9,800. Only then will there be greater participation again.
DeFi tokens are falling and BTC is consolidating
The Bitcoin price has remained in a relatively stable range. The DeFi-Coins, however, have lost their upward momentum.
At the time of going to press, according to CoinGecko’s Top 100 DeFi Coins Index , 45 of the 100 tokens listed have lost money in the past 24 hours. Data from Uniswap shows the volume is down from the $ 953 million seen on September 1.
Even DeFi favorites like Yearn.finance ( YFI ), Aave ( LEND ) and Chainlink ( LINK ) have seen sharp declines over the past month. YFI is currently 43 percent below its all-time high of $ 44,000.
Some analysts suspect that the profits and funds invested in DeFi logs are flowing back to Bitcoin, but such a trend is not inferred from the data.
While Bitcoin and DeFi tokens are losing their momentum, Altcoins have seen marginal gains. At the time of going to press , Ether ( ETH ) is up 0.50 percent, Binance Coin ( BNB ) is up 5.19 percent, Cosmos ( ATOM ) is up 8.39 percent.
The total market capitalization of all cryptocurrencies is now $ 346.5 billion, according to CoinMarketCap, and Bitcoin’s market share is 57.6 percent.