Bitcoin (BTC) price only rebounded $ 50 from the $ 11,000 mark after hitting a sharp break above the $ 10,500 level. Over the past 6 months, analysts have focused heavily on the key level, and many predict that the price of Bitcoin will skyrocket once the multi-year resistance is removed.
Daily cryptocurrency market chart. Source: Coin360
Cointelegraph employee Keith Wareing, suggested that Bitcoin’s price could move quickly, as the mood of traders becomes increasingly optimistic after the long-term resistance level has changed to a new support level.
Daily chart for the BTC / USD pair. Source: TradingView
As the 1 hour chart shows The recent surge in bitcoin across the long-term downtrend line from its all-time high in 2017 and today’s surge above USD 10,500 have been fueled by high volume spikes.
At the time of this writing The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are in the overbought zone, indicating that the bulls are currently in full control.
As usual, Oversold RSI and MACD serve as sell signals, but Bitcoin’s price history over the years shows that both oscillators may continue to be oversold as the price rises toward new highs.
As mentioned in yesterday’s Cointelegraph market update, Bitcoin has rallied almost 20% since July 21, and this strong move has been without significant new evidence of previous resistance support S / R changes.
Traders need to keep an eye on the trading volume in no time, as a sharp drop in buying volume could lead to another test of the $ 9,500 level.
Bitcoin daily price chart. Source: Coin360
According to CoinMarketCap data, the total market capitalization for cryptocurrencies is now $ 316.4 billion. The domain rate of Bitcoin is currently 62.8%.
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