Is Bitcoin Price Finally Ready for Breakout Above $10,000?

cointelegraph.com
4 min read
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Bitcoin price is looking to retake the key psychological level at $10,000, which may now propel BTC to multi-year highs
The price of Bitcoin (BTC) had seen a substantial rally before the halving, as the price topped at $10,100. Since then, the BTC price has been hovering inside a sideways range between $8,200 and $10,000.

However, are the markets making itself ready for a breakout above this crucial resistance? Bitcoin is showing strength, but other cryptocurrencies like Ethereum's Ether (ETH) and Cardano (ADA) are also showing strength with double-digit performances in the past week.

Crypto market daily performance. Source: Coin360

Bitcoin facing $10,000 resistance as a crucial level to break

The 6-hour chart is showing a clear range-bound structure since the high at $10,100. The market showed a pre-halving crash (i.e. buy the rumor, sell the news), after which the price stabilized and consolidated.

BTC/USD 6-hour chart. Source: TradingView

The chart is showing a breakdown of the rising wedge at $9,800, after which support was found at $8,600. That's important, as that shows another higher low. The critical fact is that the market has been providing these higher lows since the crash on March 12.

Therefore, Bitcoin is still trending upward since. What's more, is that the price of Bitcoin was able to break through the critical level at $9,300. As long as Bitcoin remains above the $9,300 level, a further upward move can occur to retest the resistance zone at $9,800-10,100, increasing the chances of a breakout to the upside.

Once Bitcoin can do so, the next targets are $11,000 and $11,500, leading to a further surge of the whole cryptocurrency markets.

Total market capitalization cryptocurrency ready for a move towards $310 billion

The total market capitalization of cryptocurrencies is showing support above the 100-day and 200-day MA (moving average). The total market capitalization has consolidated inside a range as well, with support at $225 and resistance at $267-268 billion.

Total cryptocurrency market capitalization 1-day chart. Source: TradingView

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Michaël van de Poppe
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