In the past hour, the price of Bitcoin (BTC) rebounded above $ 10,000 to set a new monthly high at $ 10,315.
The move came after an uneventful weekly close that saw the top-ranked digital asset on CoinMarketCap close above a major multi-year downtrend line. A few hours after the close, the Bitcoin price found renewed strength and rose above the $ 10,100 resistance zone.
Crypto market weekly price chart. Source: Coin360
Analysts now expect traders to target $ 10,500, and price estimates ranging from $ 11,000, $ 14,000, and even $ 16,000 have been thrown above this level.
While this is exciting for bulls, it’s important to note that Bitcoin’s price has recovered 12.76% since it rose from $ 9,142 on July 21 and the price has yet to retest the underlying support around $ 9,450.
There is also a CME gap at $ 9,615 that has not yet been filled. Given the importance traders attach to CME gaps, any pullback below $ 9,800 increases the probability that the gap will be filled.
The last two moves above $ 10,000 occurred in high-volume overvoltages, which means traders should be on the lookout for buy and sell volume within 1 and 4 hours to determine if the current move can keep the momentum going. upward.
Bitcoin daily price chart. Source: Coin360
In the event of a pullback, traders will likely look for a new test of the $ 10,100 area and a strong pullback could cause the price to drop to $ 9,800- $ 9,900 where the price can consolidate.
Ethereum Bull Target $ 367
The price of Ether (ETH) also increased more as the price of Bitcoin increased to $ 10,315. At press time, Ether is trading at $ 329 after 5%.
As mentioned in a previous analysis, traders above $ 317 will have set their sights on the June 26 high at $ 367, but since altcoin has rebounded 40% since July 21, there is also the possibility that traders reserving profits lead to the Ether price to correct.
Ether daily price chart. Source: Coin360
As Bitcoin’s price went up, several of the top 20 alternative currencies posted marginal gains. Crypto.com Coin (CRO) recovered 5.61%, Monero (XMR) added 3.53%, and Bitcoin SV (BSV) gained 2.18%.
According to CoinMarketCap, the total capitalization of the cryptocurrency market is now $ 306.6 billion. Bitcoin’s domain rate currently at 61.4%.
