At the beginning of the weekend, the price of bitcoin (BTC) continues to fluctuate between $ 10,800 and $ 11,000.
Some analysts may say that digital assets have lost momentum, but a quick look at the 1-hour or 4-hour chart shows that bitcoins are swinging sideways in a certain area, which is beginning to come under some pressure.
Despite what appears to be a “lack of interest” from cryptocurrency traders, the price of bitcoin is showing higher lows and lows, and if this pattern continues, an eruption is expected before the end of the week. Of course, it is a difficult task to predict the direction of this breakthrough.
If the breakout goes up, the upper resistance of $ 11,150 and $ 11,600 will make some attempts to reach $ 12,000 difficult.
If the price collapses, traders expect support of $ 10,550, but the gap from $ 10,826 to $ 10,480 in the visible range of the volume profile suggests that the price ranges from $ 10,490 to $ 10,400.
Consequently, the risk-return ratio for the average trader is not very attractive at this point, especially compared to the exciting price action such as UniSwap’s UNI token, which rose a further 124% on Friday.
In fact, DeFi Pulse data shows that the total value of UniSwap DEX reached $ 1.75 billion when traders returned to the platform to buy various DeFi-related tokens or earn high returns.
The inflow to the platform has increased by 80% over the last 24 hours, and it is possible that a close examination of traders looking for profits for DeFi, dampens the demand for Bitcoin as central exchanges have registered a fall in the spot trading volume.
Since the demand for DeFi-related tokens is likely to increase, traders can track the price of Ether because everything has already risen 10% since the beginning of the week and could rise to $ 422 if the bulls manage to push the price to the maximum. VPVR Node Volume – $ 392