Bitcoin Breaks Through Previous Resistance, Market Expected To Climb Above $10,000

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • Bitcoin had pushed back to $9200 this week, the high volume of Bitcoin this week managed to pull it back to reach this week’s high of $9,530.
  • Bitcoin is now steady, with average bulls of 1.14% at $9,415.19 and has gained about 2.07% with an addition of $192.28 from yesterday’s trade.
  • The Enthusiasts and market watchers are staying positive due to the repeated rise in trading volume, which might help climb the Bitcoin to $10,166 resistance level.

As expectations of the enthusiasts, Bitcoin has once again favoured them by breaking over previous resistance and is looking bullish. Majority of the market has now entrusted that Bitcoin is going to cross the $10,000 mark after a long waiting time.

The breakthrough reach of the new point is said to be the all-time high of this current trading week. It has kicked all the support levels below the $9000 mark showing edible favours to the bullish momentum.

Although the Bitcoin had pushed back to $9200 this week, the high volume of Bitcoin this week managed to pull it back to reach this week’s high of $9,530. The volume is still on the rise indicating larger bulls to take place in the upcoming time. The last 24-hour volume of Bitcoin stood at $31,949,701,394.

The market wasn’t happy when Bitcoin reached its support level of $9,190 to which the market concluded that Bitcoin is still going to further lose its value to the support levels below $9000.

However, it gained back with two consecutive bounce reaching this week’s all-time high. The RSI (Relative Strength Index) has entered in the 4-hour overbought zone and day periods. This stance might pull back on price, but $9,366 still stands to be strong support with the additional support of $9,200 mark.

The MACD line is continuing to show an increase in momentum. If Bitcoin decides to go sideways, it could reach the support at $8,960, which is following the trading volume line. The Enthusiasts and market watchers, however, are staying positive due to the repeated rise in trading volume, which might help climb the Bitcoin to $10,166 resistance level.

All depends on the buyers and traders who show support to the Bitcoin by buying and trading in this week to be able to make the Bitcoin climb to the new resistance level. Bitcoin is now steady, with average bulls of 1.14% at $9,415.19 and has gained about 2.07% with an addition of $192.28 from yesterday’s trade.

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