The Bitcoin (BTC) price rebounded within $ 50 of the $ 11,000 mark after achieving a strong break above the $ 10,500 level. For the past 6 months, analysts have kept a sharp focus at the key level and many predict that the price of Bitcoin will skyrocket once the multi-year resistance is removed.
Crypto market weekly price chart. Source: Coin360
Cointelegraph contributor Keith Wareing suggested that the price of Bitcoin could quickly rise as trader sentiment will become increasingly optimistic after the long-term resistance level becomes new support.
BTC / USD daily chart. Source: TradingView
As the 1-hour chart shows, Bitcoin’s recent rise above the long-term downtrend line from the all-time high of 2017, and today’s move above $ 10,500 was fueled by high-volume spikes.
At time of writing, the moving average convergence divergence and relative strength index are in overbought territory, showing that the bulls are currently in full control.
Usually, overbought RSI and MACD serve as selling signals, but Bitcoin’s price history over the years shows that both oscillators can remain highly oversold as the price rises to new highs.
As mentioned in yesterday’s Cointelegraph market update, Bitcoin has recovered nearly 20% since July 21 and this strong move has come without significant new proof of previous S / R changes.
Traders should keep a close eye on trading volume in the smallest timeframes as a sharp drop in buying volume could lead to a further test of the $ 9,500 level.
Bitcoin daily price chart. Source: Coin360
According to CoinMarketCap, the total capitalization of the cryptocurrency market is now $ 316.4 billion. Bitcoin’s domain rate currently at 62.8%.
Also, don’t miss our next Cointelegraph Crypto Traders Live conference.
More than 30 star speakers, including Raoul Pal, John Bollinger, Mike Novogratz, DataDash, and Jon Najarian, will meet on July 30 to discuss the challenges of crypto trading. Join the program for over 9 hours of crypto commerce content!
