The latest cryptocurrency news show that Bitcoin is quite the leader on the market and as it closes the $9,500 region, there is only one last big hurdle for the dominant coin in order to clear the much-anticipated five-digit mark.
In January, we saw an incredible 37% gain for BTC and aside from this, support was found at $8,200 earlier this week as well. This test resulted in a continuation of the upward momentum and led the price towards the $9,500 region.
So, the big question that many are asking now is – is this the last big hurdle before $10,000 for the dominant coin?
The monthly candle closed yesterday and gave only a bullish conclusion. A potential new upwards trend has initiated already, given that buyers stepped in during January at every support and resistance test.
Many believe that this is the last big hurdle before $10,000 but there are still other skeptics who don’t exclude the possibility of BTC retracing towards the higher $8,000 levels. Anyways, for many it is all sunshine and rainbows at this moment.
The reality is that the Bitcoin price news feature a massive resistance at $9,500 from where the price bounced multiple times on the level throughout the summer of 2019. If a breakout upwards is initiated, a continuation should be likely towards $10,900 and this would also break the psychological barrier positioned at $10,000.
The total market cap of cryptocurrencies, on the other hand, is showing a clear test of the $215 billion levels for support which was needed a lot. After this, the market capitalization rallied and was in the $240 to $250 billion. Now, it is above $260 billion which is comparable to the level of $9,500 for Bitcoin.
We should note, however, that if the last big hurdle does not play out, we can also see a bearish feature that can be observed on the chart. If the total market cap breaks below $240 billion, the potential bearish divergence becomes a confirmed one. Anyways, the momentum we should be looking at right now is geared towards $270 billion and a Bitcoin price of above $10,000.
Today’s green wave shows that Ethereum (ETH) and Cardano (ADA) are the biggest gainers with 5.54% and 7.74% surges, respectively.
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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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