Bitcoin Target $10,500 After BTC Managed a Strong Weekly Close

Bitcoin aim $10,500 after BTC managed a solid weekly close Within the last hour, the price of Bitcoin (BTC) surged above $10,000 to reach a new monthly peak of $10,315.

The move came after a very uneventful weekly closing which saw CoinMarketCap’s top-ranked digital asset close above an significant downward trend of several years. A few hours after closing, the price of Bitcoin found renewed momentum and soared beyond the resistance level of $10,100.

Crypto market weekly price chart. Source: Coin360

Crypto market weekly price chart. Source: Coin360

Analysts now expect traders to hit $10,500 and have been thrown over the range of price predictions ranging from $11,000, $14,000, and even $16,000.

While that’s exciting for bulls, it’s important to remember that after rising from $9,142 on July 21, the bitcoin price has recovered 12.76 percent and the price has yet to retry underlying support around $9,450.

There is also a CME void that has yet to be filled at $9,615. Considering the value that traders assign to CME openings, any pullback that is below $9,800 raises the probability of filling the void.

In high volume spikes, the last two movements over $10,000 occurred, meaning traders will keep an eye on buying and selling activity over the 1 and 4-hour timeframe to decide if the current trend will maintain upward momentum.

Bitcoin daily price chart. Source: Coin360

Bitcoin daily price chart. Source: Coin360

In the event of a pullback, traders are likely to look for a $10,100 region retest and a strong pullback could see the market falling to $9,800-$9,900 where the market might stabilize.

Ethereum bulls target $367

The price of Ether ( ETH) also went higher as the price of Bitcoin soared to $10,315. Ether trades at $329 at the time of publication after rallying 5 percent.

As stated in a previous study, traders above $317 would have set their sights high at $367 on June 26, but given that the altcoin has rallied 40 percent since July 21, there is also a risk that traders booking profits would lead to Ether ‘s price being corrected.

Ether daily price chart. Source: Coin360

Ether daily price chart. Source: Coin360

As the Bitcoin price went up a majority of the top-20 altcoins were seeing modest gains. Crypto.com Coin (CRO) rallied 5.61%, Monero (XMR) gained 3.53%, and Bitcoin SV (BSV) rallied 2.18%.

The overall crypto-currency market cap now stands at $306.6 billion, according to CoinMarketCap. The supremacy index of Bitcoin currently stands at 61.4%.

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