Bitcoin price finally breaks $11K as traders assess BTC's next move

The price of Bitcoin broke above $11,000 at last, after 13 days within a tight range.

The contrasting performances between Bitcoin and the rest of the market make the ongoing BTC rally unique.

Some traders suggest that profits from Ether and DeFi tokens are being cycled into Bitcoin.

After the breakout of Bitcoin above $10,500, a level that has acted as a strong resistance, the sentiment of traders is mixed.

Some traders believe that BTC will face rejection at the $11,000 level.

Traders generally expect BTC to enter the $11,000-$11,300 resistance range.

If the price of Bitcoin remains relatively stable after rising above $11,000, that would amplify the bullish case for Bitcoin.

On Sept. 8, before the current Bitcoin price rally commenced, a crypto trader known as "Edward Morra" said there are two short-term CME gaps of $10,620 and $9,600 left, but which one will get filled first is uncertain.

In a follow-up analysis, Morra said: "Now let's see if lower one gonna be filled." Technically, a move up to the $11,000 resistance level and a drop back down to the $9,600 support level is a healthy minor correction for BTC. Data from market analysis firm CryptoCompare shows that the average transaction value of Bitcoin has stabilized.

There are two variables that could have a direct effect on the price of Bitcoin.