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Bitcoin must break this level to start a new bull run

  • Bitcoin has bounced off the $10,600 mark and continues to trend in a narrow price range above $10,000.
  • BTC must rise above $11,900 to start a new bull run.

Bitcoin managed to break through the resistance along the $10,500 mark yesterday, but after a short time has dropped back down to $10,200 and at the time of writing has stabilized at a price of $10,375. The market capitalization has fallen to $191.84 billion, the Bitcoin dominance is still 56.4%.

Blockroot founder and Bitcoin trader Josh Rager explains on Twitter that BTC closed above the support level of $10,173 USD for the second week in a row, laying a solid foundation. However, he believes that Bitcoin must rise above $11,900 again for BTC to launch a new bull run that is sustainable and of longer duration.

Big Chonis Trading describes that Bitcoin has broken through a rising wedge downwards and is currently trying to avoid a further correction. He states that BTC needs to attract more buyers in order to continue rising from the support zone along the $10,000 mark. Nevertheless, he is optimistic that Bitcoin can break the $11,000 mark in the coming weeks.

Bitcoin Trader “Teddy” outlines that Bitcoin must overcome the strong resistance along the $10,600 mark before a new bull run can be started. The Bitcoin price has been moving sideways in the last few weeks, but without a clear trend. It urges caution and the use of prudent stop-loss orders, as Bitcoin could fall below the $10,000 mark at any time.

“Byzantine General” states that many sell orders were placed at the $10,600 mark, this development was no surprise to him. He still believes that a further correction to the level of $10,100 is possible. If this support zone does not hold, Bitcoin could even drop to $9,000, but support has been confirmed several times in recent weeks, making this scenario rather unlikely, the analyst says.

Regardless of the price, Bitcoin’s hashrate has risen to a new all-time high of just under 135 exahash per second. The hashrate indicates how much computing power the Bitcoin network has. The higher the hashrate, the more secure the Bitcoin blockchain is. Although the increase in the hashrate has no direct influence on the price, some experts see this as a bullish sign, as the miners could bet on a rising Bitcoin price.

Source: https://www.blockchain.com/charts/hash-rate

Altcoins follow Bitcoin

The Altcoin market is also currently showing a sideways movement. Ethereum shows a minus of 4.9% to $368.57, XRP shows a minus of 3.0% to $0.24, Polkadot shows a minus of 3.0% and trades at $5.19, Chainlink is down 7.6% and trades at $11.80. Within the top 100 largest cryptocurrencies, Waves shows the largest increase with a price rise of 11.33%.

You can find our course overview of over 5,000 cryptocurrencies here.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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