Bitcoin price must hold $11,000 for October rally to continue

Bitcoin price broke upward in the first half of October, resulting in a rally from $10,500 to $11,700.

Sustaining support at $11,000 is a must for the bullish case to hold weight, making a test of the upper range at $12,000 increasingly likely.

The smaller timeframe shows a similar picture with the $11,000-11,150 area being a critical zone to hold as support.

As the $11,000-11,200 level is such an important support zone to hold, holding here would warrant a test of the range's upper region, lined out in the upper chart, namely $11,800-11,900 and potentially even $12,100.

The real question is then whether Bitcoin has enough strength to break through that resistance level.

Breaking $12K may see a massive bullish move that is likely to push up values across the entire crypto market.

Total market capitalization cryptocurrency 1-week chart.

At the start of a new bull cycle, previous resistance levels get tested for support before further continuation occurs.

The most likely scenario would be more upside and a possible test of the $12,000 area after successfully holding the $11,000-11,200 region as support.

Such a case would suit a very bullish breakout for the price of Bitcoin, opening up the possibility of new multi-year highs.