- Bitcoin finally amasses traction to break over its key hurdle
- BTC tops at $11,491 after flipping the $11k hurdle to support
- Bitcoin carries Ethereum, Chainlink, and other altcoins along
Bitcoin News Today – The price of Bitcoin (BTC) is deep in the green. Bitcoin finally broke over $11k mark and rallied to $11,491, and the bulls have successfully turned the $11k hurdle to support.
Bitcoin Bulls Flip $11k Hurdle to Support
Just yesterday, the price of Bitcoin finally managed to break over the symmetrical triangle where it has been locked for the last thirty days. After holding the $11k mark into the daily close, the price of the digital currency surged to $11,448 on several high volume surges. On October 8, Michael van de Poppe – a Cointelegraph contributor – said:
“If the price of Bitcoin breaks through the $11,100-$11,300 resistance zone, further bullishness can be expected towards $12,000. This makes the $11,100-$11,300 area a critical zone for continuation.”
At press time, the digital currency is trading over the $11,400 mark with an immediate hurdle at $11,489. That hurdle point is at the top of the September 3 candle that saw Bitcoin’s price plunge by 13 percent to $9,960. This level is in line with the VPVR node that extends from $11,400 to $11,740. If the bulls can break this resistance cluster, chances are the digital currency might run towards the $12,000 mark in the near term.
Bitcoin (BTC) Price Today – BTC / USD
On the daily timeframe, the RSI (relative strength Index) has surged to 65, which is a bullish signal. The moving average convergence divergence (MACD) histogram also reflects the present bump in momentum. Day traders should watch the trading volume closely as the lack of it over the past 30 days is the major reason the price of the digital currency has been flat and pinned below $11k.
Bitcoin Carried Ethereum and Other Altcoins Along
The price of the second-largest digital currency by market cap – Ethereum (ETH) – also took a bullish turn. Ethereum pierced a key descending trendline to surge by 3 percent to $378. At press time, Ethereum (ETH) is facing a stiff hurdle close to $375, where there is a high volume VPVR node that extends from $376 to $389.
If the bulls can maintain the present momentum and push prices through that hurdle point, the price of Ethereum could run towards the $419 region. Interestingly, Ethereum is not the only altcoin Bitcoin carried along; the majority of altcoins on the market are in the green, with some recording two-digit gains.
The price of Cardano surged by more than 10 percent while Chainlink amassed gains of over 11 percent. The valuation of the entire digital currency market is now at $361.5 billion, according to CoinMarketCap.