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.
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.
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.
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%.