Analysts and experts of our group of companies Pi Capital Union, explained the growth in value of the main digital coin, and whether it will be able to overcome the key mark.
On Thursday, October 1, the bitcoin rate rose to $ 10,933, over the past day, the cryptocurrency has risen in price by 1.8%. In September, the asset several times made an attempts to overcome the important level of $ 11,000, but all of them ended in vain.
Bitcoin has been holding above the $ 10,000 mark for the longest number of days in history. We believe that technically nothing is currently stopping the asset from going into the $ 11,200-11,500 zone.
The price of the cryptocurrency is showing the first signs of a bullish break above $ 10,800 and may continue to rise as long as it is above the 100-hour moving average, says Kevin R Smith, CEO of Crypto Pi. According to him, the key resistance is near the $ 10,920 and $ 10,950 levels.
The expert warned, that if Bitcoin fails to overcome the $ 10,950 mark, then the breakout may turn out to be false. This will lead to a likely drop in the cryptocurrency rate below $ 10,750. The main support will form at around $ 10,680, and the decline will increase the chances of falling below $ 10,550.
Leading trader and portfolio manager Crypto Pi admitted that the positive which is being observed in the stock markets may affect the price of bitcoin, while the movement can be relatively fast. If high trading volumes appear on the market, the rate could rise sharply from $ 11,000 to $ 12,000. "Nevertheless, while we are in consolidation, all attempts to guess the moment are not very promising."
The more time Bitcoin is in the consolidation zone between $ 10,000 and $ 10,500, the more potential there is to test the key $ 12,000 level. Resistance is between $ 11,500-12,000, and if it is passed, the path to $ 13,500 will open, optimistic expert.