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.
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.
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.