After hovering below the previously important critical resistance, the bulls gathered and pushed Bitcoin past $ 10,000 with strong momentum, allowing BTC to move into the $ 10,100 zone.
This breakout marks a larger expansion of the bulls, which they did throughout 2020. This uptrend will allow Bitcoin to form an extremely optimistic market structure.
Now, analysts say that Bitcoin will grow even stronger because history shows that movements over $ 10,000 are often followed by increases of between 14% and 100%.
Bitcoin breaks the psychological resistance of $ 10,000
At the time of writing, Bitcoin is trading at $ 10,100, marking a 3% increase from yesterday. It is important to note that buyers have absorbed the selling pressure that the bears are trying to catalyze during this bull run, which is a positive sign that buyers are not waiting for lower prices to buy. .
Bitcoin price today | Source: Coinmarketcap
Another factor that needs to be considered in the near future is the protests in Bitcoin's history, every time it closes the daily candle above $ 10,000, a rally can expand up to 100%.
Well-known analyst Hsaka talked about this in a recent tweet. He said that the BTC price has rarely broken out above the $ 10,000 level in the past few years, every time it breaks out of this range, the rallies are followed by 99%, 14% and 26% respectively.
$ BTC breaks $ 10,000.
Prior instances of breaking it after a substantial retrace. pic.twitter.com/M3vloBouYj
- Hsaka (@HsakaTrades) February 9, 2020
BTC is about to close the weekly candle at a high level
Another factor that could allow the cryptocurrency to keep rising higher in the near term is that it is about to post a huge weekly bullish candle, but it is imperative that the bulls have to hold Bitcoin above $ 9,556 before the tree Today's candle is closed (7am on February 10).
Josh Rager, a famous cryptocurrency analyst on Twitter, talked about the importance of this level in a recent tweet, explaining that Bitcoin will still increase in price even if it drops slightly from current levels.
Regardless if $ BTC experiences a pullback after hitting $ 10k
A weekly close above $ 9556 would be absolutely bullish pic.twitter.com/dK5fc9v6aP
- Josh Rager 📈 (@Josh_Rager) February 9, 2020
"Regardless of BTC having a pullback after reaching $ 10k, a weekly close above $ 9,556 will confirm BTC has officially entered an uptrend."
So how much will the BTC price be achieved in the near future? Let us also look through the chart below.
Bitcoin price may soon retest $ 11,500
This month, bitcoin began a strong move above the $ 9,000 resistance level. This was done after the BTC price settled above the 100-day MA and the 7-month downtrend line at $ 8,800.
The conquest of these strong resistances helped BTC build momentum, and it in turn conquered the next strong resistance levels of $ 9,200 to $ 9,250, and the very important level for confirming the uptrend is the zone. $ 9,500- $ 9,600.
Daily BTC / USD chart | Source: TradingView
Using the Fibonacci tool to measure the entire downtrend from 10,579 to $ 6,423, the current Bitcoin price has conquered the Fib 76.4%, which is a very Fib Fib, overcoming this level will help. BTC advanced to $ 10,579.
Currently, the first major resistance level for the bulls is probably near the $ 11,560 level. It represents the Fib extension 1,236 of the discount movement mentioned above.
If the price can conquer this resistance, the price can move to the next resistance at $ 12,100. The main target of the current wave might be close to $ 13,000, as it is close to the Fib extension of 1,618.
However, if the price turns down from the current levels, a strong support level that could attract more buyers is found at $ 9,600 (recent breakout area). Any losses in this area could bring Bitcoin price to the $ 9,000 range.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Sn_Nour
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