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Bitcoin has caught the bullish momentum which pushed the price higher towards $9000 before showing certain throwbacks. The bullish pressure is still quite strong. Presently, the price is aiming to reach the psychological area of $10,000.
Additionally, BTC starts to consolidate in the short-term around $8,700. Some are sure that the cryptocurrency market will continue to print higher as the week elapses. Bitcoin suddenly broke over, shooting past $8,200, $8,400, and $8,600 in rapid succession. Initially, though, some were wary that this was a fakeout, designed to trap bulls into thinking there was going to be a strong weekly close above $8,400. $8,400 is, of course, where this market topped in a bear market rally in mid-2018, and where BTC double topped in early-May.
Bitcoin touched $8,940 a couple of hours ago before a slight pullback. It is the highest price BTC has traded at for over a year. The last time Bitcoin was anywhere near $9,000 was in early May 2018. Daily volume has cranked up to almost $30 billion and BTC market capitalization is at $155 billion, more than the entire crypto cap was just two months ago in March.
The price formed certain throwback but the bullish pressure was quite strong. It managed to regain momentum to push higher towards $9000 area. The price was non-volatile after the push from $8000 area. As the price breaks above $9000 area with a daily close, further bullish momentum with the target towards $10,000 is expected. As the price remains above $8000 area with a daily close, the impulsive bullish momentum is expected to sustain further.
SUPPORT: 8000, 8400, 8500
RESISTANCE: 9000, 9250, 9500, 10000
BIAS: BULLISH
MOMENTUM: NON-VOLATILE
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