Bitcoin Price Prediction: BTC Upward Momentum Stalls Under $10,600 But Bulls Eye $11,000

John Isige Bitcoin News September 23, 2020

Bitcoin Price Prediction: BTC Upward Momentum Stalls Under $10,600 But Bulls Eye $11,000

  • Bitcoin bounces off support at $10,100 but hits a barrier at $10,600, delaying the uptrend.
  • The number of new addresses joining the network is rising amid speculation that Bitcoin will soon hit $11,000.

The flagship cryptocurrency suffered yet another blow, which forced it to revisit support at $10,100. The declines came after BTC was rejected from highs above $11,000 towards the end of last week. Lack of support at the 50-day Exponential Moving Average added fire to gasoline. Sellers were encouraged to increase their orders, putting pressure on Bitcoin. Other tentative support levels at $10,600 and $10,400 did little to stop the losses.

At the time of writing, Bitcoin is doddering at $10,526. The Relative Strength Index shows buying pressure on the rise. However, it is essential to realize that selling influence is also present and therefore, everyone must proceed with caution.

Read also: Bitcoin Price Analysis: BTC Facing The Ultimate Make Or Break Level Of $11,000

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

For now, holding above $10,500 remains key to ensuring buyers do not lose sight of the critical resistance at $11,000. Moreover, they must work hard to pull Bitcoin above the 50EMA. A move of such magnitude is likely to stir a buying frenzy in the market, attracting more investors from the sidelines.

Consequently, a breakout awaits the pioneer cryptocurrency from the descending wedge. If buyers overcome the seller congestion at the upper trendline, we can expect Bitcoin to extend the bullish action majestically above $11,000.

Similarly, on-chain data shows an increase in the number of new addresses joining the network. Near 400,000 new addresses were created on September 20. This figure shot up to 463,090 on September 21, suggesting an uptrend in the growth of the network. Sustained network growth is a good indicator that Bitcoin will soon resume the uptrend, perhaps topping $11,000.

New BTC addresses on an upward roll

BTC new addresses
Bitcoin new addresses by IntoTheBlock

Bitcoin Intraday Levels

Spot rate: $10,509

Relative change: -21

Percentage change: -0.21%

Trend: Undetermined in the short term

Volatility: Low

Read more: Bitcoin Rising Correlation With Traditional Market Undermines ‘Non-Related Asset’ Narrative

Author: John Isige
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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John Isige 707 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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