Bitcoin finally broke above $11K on Sep. 18 after slowly grinding higher over the past few weeks. The coin has managed to stay above this strong support base over the past few hours despite facing massive resistance in the lower-$11,000 regions.
This resistance has seemingly hampered bitcoin’s uptrend, given that the coin gained less than 1% in the past 24 hours.
In the coming sessions, BTC bulls could struggle to shatter the heavy selling pressure that exists between $11,000 and $11,300.
The crypto has attempted to surge higher in the past few sessions but has faced spikes in selling pressure that have sent it back just above $11K. The BTCUSD pair is trading at $11,067 during press time.
BTCUSD chart by Tradingview
Bitcoin Whales Are Accumulating
The fact that BTC has held above $11K despite multiple rejections at this zone is a sign of fundamental strength.
Data from blockchain analytics firm CryptoQuant corroborates this bullish sentiment. The company shared data highlighting that the Exchange Whale Ratio has now hit a yearly low.
This metric indicates that BTC whales are holding steady despite the recent $11K rejections, resulting in lower whale selling rates that are uplifting the BTC price.
“Exchange Whale Ratio hits the year low—the fewer whales moving to exchanges, the less dumping, and makes the higher bitcoin price”, the firm’s CEO tweeted while sharing the chart below.
BTC whales are holding steady | Source CryptoQuant
If whales continue with their holding strategy, the BTC market will continue facing less macro selling pressure. The holding trend could thus potentially lead it to the flagship digital asset seeing a further upside in the days ahead.
As to where the price trends next, trader Michael Van De Poppe predicts that BTC will retest $12K if it manages to retake the low-$11,000s.
BNB price Surged by 55% in 13 Days
Binance Coin (BNB), the native token of Binance Chain and Binance Smart Chain (BSC), has been one of the best performers of the past weeks. The BNBUSD pair shot up by 55% in 13 days to currently trade at $27.283.
BNBUSD chart by TradingView
The launch of BSC allowed users to stake BNB on Binance and earn lucrative returns, similar to yield farming on ETH-based DeFi protocols.
Changpeng Zhao, the CEO of Binance, recently highlighted that transaction volumes on BSC have exploded. This exciting growth and the increasing demand for the platform’s native seems to have led to the recent spike in BNB price.