Perhaps now that CME Bitcoin options closed without any major disruption and a new month is on the verge of beginning, Bitcoin price can make a move higher and finally clear the $11K resistance. The weekly time frame shows strong support from $10,000-$10,500 and as Cointelegraph contributor Rakesh Upadhyay noted:
While $10,000 has held as a solid level of support since the price made a double bottom at $9,800, a revisit to the high volume VPVR node at $9,500 is possible if BTC breaks the pattern of higher lows by falling below the ascending trendline to $10,100. This seems unlikely given that bulls have defended the $10K level quite vigorously over the past two weeks.
Ultimately, not much has changed and Bitcoin price simply continues to slowly grind higher. In the event of a breakout with sustained purchasing from bulls, Bitcoin price could push through the $11K resistance to attempt a higher high above $11,400. As shown on the daily timeframe, on Sept. 3 Bitcoin price dropped 13.3% from $11,400 and the high volume VPVR node at this level suggests it will now function as resistance.
While Bitcoin price continues to consolidate, altcoins moved a tad bit higher. At the time of writing Polkadot (DOT) has gained 4.99%, OMG Network (OMG) is up 25.18%, and Maker (MKR) has added 6.09%. According to CoinMarketCap, the overall cryptocurrency market cap now stands at $343.7 billion and Bitcoin’s dominance index is currently at 57.5%.