The price of Bitcoin broke out of the $10,570 resistance level, possibly marking the start of a new range but some traders remain neutral in the medium term.
The price of Bitcoin (BTC) increased by 3% in the last 24 hours from $10,322 to $10,680. But BTC still faces a significant resistance level around $11,000 and has seen low volatility since Sep. 3.
The declining open interest of the futures market and the stagnant spot market volume raise the probability of low volatility.
Technically, Bitcoin is in a position where it has risen above a crucial level at $10,570, which has previously acted as a resistance area. However, the resistance range from $11,000 to $11,288 serves as a roadblock for an explosive rally.