On 10th October 2020 bitcoin has reached the levels of $11,300 facing resistance at levels between $11,400 – $11,500.

Analysts believe the largest resistance bitcoin will face is at breaking after reaching resistance levels of $12,000.

Also Read: BTC/USD : Daily Price Forecast 10 October 2020

The surge in price seems to be steady and volume has a strong footing with a steady increase as well.

Retail investors seem to be steadily increasing in bitcoin adoption as data suggests users with 10 or fewer bitcoins have grown from 5.1% to 13.8% since June 2015.

Whales or rich investors holding between 100 to 100,000 BTC have seen a steep drop from 62.9% to 49.8%.

This explains the sudden decreases in the market capital of BTC when reaching a resistance for BTC at levels of $11,400-$11,500.

Investors seem to book profit at this level which has steepened the climb of market capital and made it fall.

Although it is a minor correction,  the volume has seen a steady rise which enables BTC to become consistent in gaining green space.

According to analysts BTC reaching $11,000 could unveil a new bull trend.

With a steady increase in volume and market cap if bitcoin crosses resistance levels at $12,000. 

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It’s highly likely for bitcoin to cross the previous local high of $13,800 last year.

Similarly, if bitcoin fails to follow the bullish trend we will see bitcoin falling to the levels of $9500.