Bitcoin (BTC) price broke upward in the first half of October, resulting in a rally from $10,500 to $11,700. However, the momentum may be shifting once more as strength diminishes across the cryptocurrency market.
A similar setup also happened prior to Bitcoin’s latest upward break with sideways consolidation in BTC causing altcoins to drop south heavily, especially the Defi sector.
Rangebound and holding $11,000
But significant support at $11,000 is now a must-hold level to resume the bullish momentum, which may find difficulty clearing current levels as renewed coronavirus lockdowns are spooking investors.
Traders still remember the previous pandemic fear in March that caused prices of many assets across markets, including BTC, to drop severely.
BTC/USD 1-day chart. Source: TradingView
Bitcoin’s daily chart shows a strict breakout above $11,000, which was critical for any bullish momentum.
However, sustaining support at $11,000 is a must for the bullish case to hold weight, making a test of the upper range