Bitcoin (BTC) price rallied above $10,000 to set a new monthly high at $10,315.
This comes after a rather uneventful weekly close which saw Bitcoin on CoinMarketCap close above an important multi-year descending trendline.
However, a few hours after the close, Bitcoin price surged above the $10,100 resistance zone.
<img src="https://www.cryptonewspoint.com/wp-content/uploads/2020/07/BTC-Price-1.jpg" alt="" class="wp-image-21134 lazyload" />
Weekly price chart. Source: Cointelegraph
Analysts now expect traders to target $10,500, and above this level price with estimates ranging from $11,000, $14,000 and even $16,000.
It is 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.
Meanwhile, there is also a CME gap at $9,615 which is yet to be filled.
Given the importance traders attribute to CME gaps, any pullback below $9,800 only heightens the likelihood that the gap will be filled.
The last two moves above $10,000 occurred on high volume surges.
This means that traders should keep an eye and sell volume on the 1 and 4-hour timeframe to determine if the current move can keep upward momentum.
<img width="696" height="310" src="https://www.cryptonewspoint.com/wp-content/uploads/2020/07/BTC-Daily-Price-Chart.jpg" alt="" class="wp-image-21135 lazyload" />
BTC daily price chart. Source: Cointelegraph
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.
Meanwhile, as 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 with Bitcoin’s dominance index currently at 61.4%.
Source: Cointelegraph | Image: Pixabay
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