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- Bitcoin has broken through the $10,000 mark in the last few hours and is on its way to break through the next strong resistance along the $10,500 mark.
- Analysts are bullish, but warn against too much euphoria and an upcoming correction.
Bitcoin has broken through the psychologically important $10,000 mark in the last few hours and is on track to target the next resistance level along the $10,500 mark. The Bitcoin price has increased by 5.67% in the last 24 hours to a current price of $10,244.10. The market capitalization has also risen from $180 billion to $188 billion at the time of writing.
Many analysts, including Blockroot founder Josh Rager, are bullish about Bitcoin after the current developments. Rager describes that the week’s close above the $9,760 mark is a positive sign, as Bitcoin was unable to break through the $9,700 mark for several weeks. In order for BTC to start a new bull run, however, BTC must close above the $10,500 mark on the daily chart.
https://twitter.com/Josh_Rager/status/1287616418352177153
Bitcoin Trader “CRYPTO₿IRB” has maintained its position and traded against the market trend of the past weeks. In his opinion, it is only a matter of time when Bitcoin will break through the $10,500 mark. In a larger time frame of 4 years Bitcoin is now trying to break this strong resistance for the fourth time. If Bitcoin manages to break above this important mark in the next few days, $12,000 is the next realistic goal.
this time $BTC is going to make it above 10.5k pic.twitter.com/pfxQZe2p2Z
— Adrian Zduńczyk, CMT (@crypto_birb) July 26, 2020
“HornHairs” states on Twitter that Bitcoin will break the $10,500 mark in the first step and then rise to $ 12,000. However, he also points out that a correction may follow soon and is likely to follow, as a further price increase would be unhealthy for the market. He states that Bitcoin was doomed to die in March of this year and has now risen above $10,000 again.
$BTC update:
Almost there.#Bitcoin pic.twitter.com/HIgLaQWJOb
— HornHairs 🌊 (@CryptoHornHairs) July 27, 2020
Fundstrat analyst Rob Sluymer describes in a new research report that Bitcoin has to break through the strong resistance at $10,500 and will rise 30% to $13,800:
We remain positive on the overall precise structure for Bitcoin and do expect it push through $10,000-$10,500 as part of its longer term bullish technical profile. That region remains a resistance band that Bitcoin will need to break above to signal its next move to resistance at $13,800.
The Altcoin market is trending largely sideways. The Ethereum price is the biggest winner among the top 20 largest cryptocurrencies with a plus of 7.34% to $325.11. Chainlink is among the biggest losers with a minus of 7.93 % and VeChain – 7.37 %.
Visa promotes adaptation of Bitcoin, Ethereum and Ripple (XRP)
As we reported earlier, payment giant VISA has published a new roadmap that includes an interface for processing payments with cryptocurrencies. With direct access to more than 61 million affiliated merchants worldwide, Visa is one of the largest financial institutions that has ever supported the adaptation of Bitcoin, Ethereum and Co.
Cryptocurrencies can be used to pay for products and services directly via the Visa Direct interface. Visa recognized that Bitcoin and stablecoins such as Tether (USDT) represent financial innovations of our time and that the company will therefore increase its research in this area.
