Bitcoin Price Ready to Push Above Key Resistance to Hit $10,000

Bitcoin (BTC) price sees a tremendous start of the twelvemonth equally it surged 25% yr-to-engagement. Non merely has Bitcoin been flourishing over the past few weeks, just altcoins have also been post-obit along. Will Bitcoin continue the up momentum, or is it a temporary acme close?

Crypto market daily performance. Source: Coin360

Bitcoin breaks the 7-calendar month downtrend

The cost of Bitcoin broke through the downtrend a few weeks ago, which marked the possible end of the downwards pressure. The slight exam of $7,600 confirmed this breakout, after which price connected to rally towards $9,000.

BTC USDT 12-hour nautical chart. Source: TradingView

The price of Bitcoin bankrupt above $8,200 and rallied towards $9,000. This level is currently providing a barrier to go through and is the next resistance.

BTC USDT 4-60 minutes chart. Source: TradingView

The four-hour chart is showing a similar move upwards. Remarkably, the $8,600 level instantly flipped to become support in the past few days, after which the cost of Bitcoin continued to rally towards $nine,000.

The occurrence of a possible bearish divergence is currently showing up on the charts. However, to confirm this bearish divergence, the toll of Bitcoin needs to drop below $eight,800.

But, $viii,800 is currently belongings, and the cost has been moving in a tight range between $8,800 and $9,000. Thus, a breakout in the coming days looks likely. The question remains to which side this breakout will happen and what are the targets?

Total market place capitalization breaks downtrend also

The full market capitalization has likewise broken the downtrend upwards and is currently hovering effectually $248 billion.

Full marketplace capitalization cryptocurrency chart. Source: TradingView

As the recent article showed, the adjacent resistance is at $247-248 billion. The green zone at $195 billion became support, after which price continued to rally. A similar flip occurred at $207 billion, which led to the breakout of the downtrend.

The next resistance shows at $247-248 billion (our current price level) as that level supported during the summer menstruation of 2022. This level should typically exist where traders who are anticipating a breakdown to short or sell their positions. Breaking through this level would put the next targets at $268 and $350 billion.

Full market capitalization cryptocurrency three-twenty-four hour period chart. Source: TradingView

The total market place capitalization chart often shows a brighter view than the Bitcoin chart alone. The chart shows that the market place capitalization bounced off a significant trendline. This trendline could define the back up and trend for the coming years.

Bated from that, the $173 billion levels showed support and marked a bottom, after which the market place capitalization rallied to the adjacent resistance of $250 billion as discussed higher up. A breakthrough would generally lead to the continuation of this trend towards $350 billion.

Altcoin market place capitalization looks identical to Feb 2022

Total altcoin market capitalization. Source: TradingView

The altcoin marketplace capitalization is showing similarities with February 2022. The total altcoin market place capitalization hovered beneath the back up of $48 billion in that menstruation, afterward which the breakout led to a surge of 190% in the months after.

A like construction is shown in the recent chart. The total market capitalization had support at $52 billion, later on which a intermission and flip of $58 billion acquired a rally to the side by side resistance. The adjacent resistance is the toll level of $80 billion, where the current altcoin marketplace capitalization is hovering.

If the altcoin market capitalization breaks through this zone, the next targets are found at $92 billion and $130 billion, which would mean that this market cap is at the same level as it was during the summer of 2022.

Bitcoin Dominance on the edge of breaking downward

Bitcoin dominance chart. Source: TradingView

The nautical chart of the Bitcoin dominance is showing signs of a potential breakdown. If the dominance of Bitcoin drops below 67%, a continuation of that driblet towards threescore% is likely to occur. Such a dropdown would atomic number 82 altcoins to outperform Bitcoin.

The peak of the Bitcoin dominance chart is displaying bearish divergences, which normally means a trend reversal. Like signs were shown at the peak in September 2022.

The bullish scenario for Bitcoin

BTC USD bullish scenario. Source: TradingView

The momentum is currently upwards, then the bullish scenario is likely. Based on the recent price movements, holding $eight,800 is essential for continuation towards the upside.

If $8,800 holds every bit support, a quantum of the $9,000 level is likely to occur. The next resistance levels which I'm targeting are $9,400 and $x,000.

Overall, Bitcoin started to rally since $6,400, so the upward continuation will be stopped at some point to consolidate. That'due south the main matter I'g expecting in the coming weeks from Bitcoin. If Bitcoin breaks upwards over again, it'south nearly probable to start ranging between $9,000-$ten,000 for some fourth dimension in preparation for the next push upwardly.

Where do nosotros plant that range? At this indicate, it's not sure as we don't have full confirmation of any short-term trend reversal, and the price is however looking to push upwards. If the price of Bitcoin breaks through $x,000, then FOMO (fearfulness of missing out) could come back into the market, triggering the toll to get towards $11,600.

The bearish scenario for Bitcoin

BTC USD bearish scenario. Source: TradingView

Equally stated previously, surly scenarios are only bearish scenarios for short-term purposes, where the cost generally needs to establish a range. Usually, bouncing from a new support level would lead towards a continuation in the trend, which has been upwards over the past weeks.

Resistances are constitute at $ix,000 and $9,400. If the cost of Bitcoin tin can't break through $9,000 and drops below $8,800, bearish divergences on short timeframes ostend a curt-term trend reversal and the main target would then become $8,250. If that doesn't agree, the next destination for support is $7,600.

A similar perspective is given if $9,400 doesn't break upwards (through which Bitcoin makes a blow-off pinnacle). Targets for the retracement would and then nonetheless exist $8,250 and $7,600 as the primary support zones.

The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/bitcoin-price-ready-to-push-above-key-resistance-to-hit-10-000

Posted by: knightwhock1985.blogspot.com

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