The Bitcoin price is finally ready and willing to initiate a breakout above $10,000 and BTC could lead the markets to new greens, the latest crypto news show. The price of the dominant asset is desperately trying to retake the key psychological level at $10,000 which may now propel it to multi year highs.
We can notice that the price of the dominant coin had seen a substantial rally before the halving, as the price topped at $10,100. Ever since then, the price of the coin has been hovering inside a sideways range between $8,200 and $10,000.
However, the big question is if the Bitcoin price is finally ready for a breakout above the crucial resistance.
As you can see from the chart which was viral in the Bitcoin news this week, the position of the BTC price is relatively unstable but things may be changing right now. And while Bitcoin is showing strength, other cryptocurrencies like Ethereum’s Ether (ETH) and Cardano (ADA) are also showing strength with double-digit performances in the past week.
The 6-hour chart is showing a clear range bound structure since the high at $10,000. The market showed a pre-halving crash (“buy the rumor, sell the news” happened) after which the Bitcoin price is finally stable and consolidated.
We can also notice that the chart is showing a breakdown of the rising wedge at $9,800, after which we can locate support at $8,600. This is important as that shows another higher low. However, the most crucial fact is that the market has been providing the higher lows since the crash on March 12.
In that manner, the Bitcoin price is finally ready to step up the game and go above $10,000. It is still trending upwards and able to break through the critical level at $9,300. As long as the coin remains above the $9,300 level, a further upward move can occur to retest the resistance zone at $9,800 to $10,100. This would increase the chances of a breakout to the upside.
Once this is done, the next targets would be $11,000 and $11,500, leading to a further surge of the entire cryptocurrency markets. However, we are not seeing a big action today, as the BTC price is growing only by 0.16% while Ethereum (ETH) and Ripple’s XRP token are almost identical with their momentum, posting 2% gains.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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