3 key indicators suggest Bitcoin price is preparing to retest $11,000 By Cointelegraph

3 key indicators suggest Bitcoin price is preparing to retest


3 key indicators suggest Bitcoin price is preparing to retest $11,000

The price of (BTC) is nearing $11,000 once again after a shaky start to October. Last week BTC fell below $10,500 but on Oct. 9 the price swifty recovered to $10,940.

In the short term, there are three factors that could enhance bullish sentiment and push the price above $11,000. The possible catalysts are Square’s $50 million investment in Bitcoin, a prolonged accumulation phase, and the recent spike in on-chain activity.

daily chart. Source: TradingView.com
Bitcoin hashrate. Source: glassnode