The Bitcoin (BTC) price seems to be gearing up for a new dose of $ 11,000, but traders should not be overly enthusiastic as the resistance is in the $ 11,000-11,200 region and at $ 11,389 it kept the price from rising. over the past few weeks.

Currently, the Crypto Fear & Greed Index stands at 49, indicating that crypto investors are neutral about the current state of the market. While the indicator’s accuracy is difficult to measure, the price and volume of bitcoins have been relatively constant since the price was originally set in the $ 9,900 to $ 11,200 range.

As the daily chart shows, the price of bitcoin has recovered between the trendlines of the symmetrical triangle since September 18, and if the pressure continues, investors will start looking for a decisive move that will occur next week.

In the event that the price falls out of the symmetrical triangle, the visual volume profile range (VPVR) shows interest in buying from 9,950 to 9,200 dollars, and, looking back on the period from September 3 to 10, bulls who bought constantly fall below dollars. 10,000.

As we mentioned in a previous analysis, it currently appears that traders are waiting for the bitcoin price to make a stronger move above $ 11,500 or under $ 9,800 before becoming more reactive towards the market.

DeFi Tokens Fall Regularly As Bitcoin Price Consolidates
While the bitcoin price has maintained a relatively stable range, it looks like DeFi tokens have lost their bullish momentum.

At the time of writing, CoinGecco’s Top 100 DeFi Coin Index shows that 45 of the 100 listed tokens have recorded losses in the past 24 hours, and Uniswap data shows volume is down from the $ 953 million figure reached on September 1.

Even big DeFi fans like Yearn.finance (YFI), Aave (LEND) and Chainlink (LINK) made a sharp correction last month, and traders will notice that YFI is currently 43% lower than the highest level in $ 44,000.

Some analysts suggest that profits and money invested in DeFi protocols are increasingly making their way into Bitcoin, but the data has yet to confirm this version.

When Bitcoin and DeFi were looking for speed, altcoins were making marginal gains. At the time of writing, Ether (ETH) is up 0.50%, Binance Coin (BNB) is up 5.19%, and Cosmos (ATOM) is up 8.39%.

According to CoinMarketCap, the total market value of cryptocurrencies is currently $ 346.5 billion and the Bitcoin dominance index is currently 57.6%.

Source: CoinTelegraph

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