Bitcoin

Bitcoin price rises with a strong weekly closing price that puts the $ 10,500 level within reach

In the last hour The price of Bitcoin (BTC) surpassed $ 10,000 and set a new monthly high of $ 10,315. According to Coinmarketcap, Bitcoin’s market cap is currently $ 187,101,440,585.

The move came after a fairly quiet weekly close, with CoinMarketCap’s highest digital asset above a multi-year downtrend line. A few hours after closing, Bitcoin’s price found new strength and rose above the USD 10,100 resistance zone.

Crypto market weekly price chart

Bitcoin price rises with a strong weekly closing price that puts the $ 10,500 level within reach
Bitcoin price rises with a strong weekly closing price that puts the $ 10,500 level within reach

Weekly market price chart for cryptocurrencies. Source: Coin360

Analysts now expect traders to target $ 10,500 and above this level. Price estimates between $ 11,000 and $ 14,000 and even $ 16,000 have been released.

Although this is exciting for bulls, it is important to note that Bitcoin’s price has risen 12.76% since rising from $ 9,142 on July 21 and the price has not yet retested the underlying support at $ 9,450.

Also There is a USD 9,615 CME gap that has not yet been closed. Given the importance that traders attach to CME gaps, Any pullback below $ 9,800 increases the likelihood that the gap will be closed.

The last two moves over $ 10,000 were in high volume, which means that Traders need to keep an eye on buying and selling volumes within 1 and 4 hours to see if the current move can maintain the upward momentum.

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