Bitcoin [BTC] continues to cement on the bullish sentiments as it breaks and hold above $10,000 with a gradual uptrend. The price logs five consecutive green candles with a weekly gain of 9.06%.
The weekly closing was above highs around September; a 20-week high. The price of Bitcoin at 3: 00 hours UTC is $10,117.
The current price marks the mid-range between the highs around $14000 and lows at $6400. Apart from marking the weekly closing ($10,170), the region between $10,100-$10,200 is of considerable importance technically.
Leading chart analysts Cantering Clark and Josh Rager also talked about the significance of current levels w.r.t. trading volume. Clark tweeted,
Right at that 3M range POC and what was the most agreed upon fair value for that period.
I expect 10.5k but I also expect 9.5k again at some point.
If I was climbing a rock wall I would want to constantly re-anchor. Same Idea with assets, build a base. $BTC
The area around $9,500-$10,500 marks the highest area of supply and demand (volume profile) w.r.t to the previous range.
Hence, a clean break above $10,200 seems critical for the bulls at the moment. Above $10,500, there are no resistances until $11,200.
However, there are chances of a pullback to the $9,400-$9,600 area. While the overall outline continues to be bullish, the liquidity of the bulls can be used to take on flash drops.
Nevertheless, as the trend remains bullish, traders will be looking for opportunities to buy dips. Moreover, the $10k level also marks a pivotal point of psychological interest.
The price will look to build a range above current levels after topping out in the near future or form range between $9600-$10,200.
Do you think there is more fuel to the uptrend or a it will be a bloody Monday? Please share you views with us.
