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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