Bitcoin Price Soars on Strong Weekly Close Putting $10.5K Within Reach

Within the last hour, Bitcoin (BTC) price rallied above $10,000 to set a new monthly high at $10,315.

The move came after a rather uneventful weekly close which saw the top-ranked digital asset on CoinMarketCap close above an important multi-year descending trendline. A few hours after the close, Bitcoin price found renewed strength and surged above the $10,100 resistance zone.

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

Analysts now expect traders to target $10,500, and above this level price estimates ranging from $11,000, $14,000 and even $16,000 have been thrown about.

While this is exciting for bulls, it’s important to note that Bitcoin price has rallied 12.76% since rising from $9,142 on July 21 and the price has yet to retest underlying support around $9,450.

There is also a CME gap at $9,615 which has yet to be filled. Given the importance traders attribute to CME gaps, any pullback below $9,800 heightens the likelihood that the gap will be filled.

The last two moves above $10,000 occurred on high volume surges, meaning traders should keep an eye on buy and sell volume on the 1 and 4-hour timeframe to determine if the current move can keep upward momentum.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

In the event of a pullback, traders will likely look for a retest of the $10,100 area and a strong pullback could see the price drop to $9,800-$9,900 where the price may consolidate.

Ethereum bulls target $367

Ether (ETH) price also surged higher as Bitcoin price surged to $10,315. At the time of publishing, Ether trades at $329 after rallying 5%.

As mentioned in an earlier analysis, above $317 traders will have set their sights on the June 26 high at $367, but given that the altcoin has rallied 40% since July 21 there is also a possibility that traders booking profits will lead Ether price to correct.

Ether daily price chart

Ether daily price chart. Source: Coin360

As the Bitcoin price moved higher a number of the top-20 altcoins saw marginal gains. Crypto.com Coin (CRO) rallied 5.61%, Monero (XMR) added 3.53%, and Bitcoin SV (BSV) gained 2.18%.

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $306.6 billion. Bitcoin’s dominance index currently at 61.4%.

Keep track of top crypto markets in real time here

Write a Comment

Your email address will not be published. Required fields are marked *

  • bitcoinBitcoin (BTC) $ 62,257.00 2.24%
  • ethereumEthereum (ETH) $ 3,778.39 0.64%
  • binance-coinBinance Coin (BNB) $ 480.87 3.2%
  • tetherTether (USDT) $ 1.00 0.24%
  • cardanoCardano (ADA) $ 2.14 0.91%
  • xrpXRP (XRP) $ 1.09 2.47%
  • solanaSolana (SOL) $ 157.54 2.29%
  • polkadotPolkadot (DOT) $ 41.33 0.06%
  • dogecoinDogecoin (DOGE) $ 0.256239 8.28%
  • usd-coinUSD Coin (USDC) $ 1.00 0.34%
  • terra-lunaTerra (LUNA) $ 36.01 1.78%
  • shiba-inuShiba Inu (SHIB) $ 0.000028 9.17%
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 62,193.00 2.32%
  • uniswapUniswap (UNI) $ 25.50 2.87%
  • binance-usdBinance USD (BUSD) $ 1.01 0.42%
  • litecoinLitecoin (LTC) $ 184.40 0.19%
  • avalanche-2Avalanche (AVAX) $ 55.12 2.5%
  • chainlinkChainlink (LINK) $ 25.85 2.88%
  • bitcoin-cashBitcoin Cash (BCH) $ 609.68 0.19%
  • algorandAlgorand (ALGO) $ 1.74 4.57%
  • matic-networkPolygon (MATIC) $ 1.50 1.6%
  • stellarStellar (XLM) $ 0.386481 1.3%
  • cosmosCosmos (ATOM) $ 31.76 3.43%
  • vechainVeChain (VET) $ 0.119510 4.91%
  • internet-computerInternet Computer (ICP) $ 43.30 2.15%
  • axie-infinityAxie Infinity (AXS) $ 121.07 3.55%
  • filecoinFilecoin (FIL) $ 62.81 2.24%
  • tronTRON (TRX) $ 0.098786 2.89%
  • daiDai (DAI) $ 1.00 0.52%
  • ethereum-classicEthereum Classic (ETC) $ 52.70 1.25%
  • ftx-tokenFTX Token (FTT) $ 55.25 1.95%
  • compound-ethercETH (CETH) $ 75.80 0.54%
  • theta-tokenTheta Network (THETA) $ 5.86 2.36%
  • fantomFantom (FTM) $ 2.23 2.55%
  • tezosTezos (XTZ) $ 6.45 4.41%
  • hedera-hashgraphHedera (HBAR) $ 0.355916 1.4%
  • staked-etherLido Staked Ether (STETH) $ 3,750.49 0.28%
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.186060 1.33%
  • elrond-erd-2Elrond (EGLD) $ 232.35 1.91%
  • pancakeswap-tokenPancakeSwap (CAKE) $ 19.83 0.66%
  • moneroMonero (XMR) $ 256.31 1.66%
  • flowFlow (FLOW) $ 14.75 3.08%
  • okbOKB (OKB) $ 16.43 1.61%
  • eosEOS (EOS) $ 4.50 0.43%
  • klay-tokenKlaytn (KLAY) $ 1.64 1.89%
  • cdaicDAI (CDAI) $ 0.021728 0.14%
  • nearNear (NEAR) $ 7.80 0.08%
  • quant-networkQuant (QNT) $ 297.91 3.57%
  • aaveAave (AAVE) $ 296.26 3.34%
  • the-graphThe Graph (GRT) $ 0.770536 2.7%