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Bitcoin Price Prediction: BTC/USD Is Stuck Between $10,660 and $11,000 as Price Resumes Consolidation

Bitcoin (BTC) Price Prediction – September 29, 2020
Since on September 24, BTC/USD price has been fluctuating above $10.700 to break the resistance at $10,800 and $11,000. Bitcoin is yet to achieve any breakout as price continues to its range bound movement between $10,660 and $11,000.

Resistance Levels: $10,000, $11, 000, $12,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

Today, BTC is trading at $10,785 at the time of writing. The current fall was as a result of the rejection of the $11,000 resistance. After price was resisted, it fell to $10,900 support and resume consolidation above it. The coin retested the previous high before plunging to $10,640. In a nutshell, buyers were able to push prices above $10.800 but fail to break above the $11,000 convincingly. Consequently, price fell back to the previous low at $10,600. Bitcoin is now trading in the middle of price range as bulls make another attempt at the $11,000 resistance.

Technically, if price continues to retest a particular resistance, it will be weakened after several retests. For instance, if price breaks the $10,800 resistance and is followed by a strong bounce, the $11,000 resistance will be breached. Meanwhile, the bulls will have to sustain the current momentum to avoid losing bullish gains. Nonetheless, if the bulls are successful, the resistance levels of $11,100 to $11,300 have to be broken to pave way for the retest of the $12,000 overhead resistance. Conversely, if the bulls fail to push price into the previous highs, then the bears may want to break the $10.660 support and sink BTC to $9,800 low.

Venezuela Sees First Blockstream Bitcoin Satellite Node
Venezuela has witnessed the launching of its first Bitcoin node connected to the Blockstream satellite network within the country. The South American country will also see the installation of additional satellite nodes in the capital, Caracas, as well as the southern state of Bolivar state. This will enable and provide all Venezuelans better access to the Bitcoin blockchain. The Blockstream service was provided by Cryptobuyer, who gives financial and logistical support. The launch of the node will enable the Bitcoin (BTC) blockchain updated for Venezuela users without being dependent on a local internet connection. The node was arranged by the Crypto training course provider Anibal Crypto. The Blockstream service includes six geostationary satellites. It also provides information sharing to crypto users in any part of the world.

BTC/USD – Daily Chart

The price of Bitcoin will fall, if the bears break the $10,000 and $9,835 support levels. According to the Fibonacci tool analysis, a green candle body tested the 78.6% Fibonacci retracement level. It indicates that BTC will fall to 1.272 Fibonacci extension or $9,289.50 low. In the meantime, the coin is fluctuating in the current price range.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.