Pay attention to the Bitcoin $8,100 and $10,000 price point

Bitcoin has received a lot of attention after the recent halving. The question on everybody’s mind is whether the halving will push the price of Bitcoin up. We have seen a rise in price since then. Bitcoin is currently trading at about $9,600. We are all hoping to see Bitcoin close over $10,500, which we have not seen since August 2019. 

If we take a look at the weekly chart for Bitcoin, and look at BTC/USD, we see that Bitcoin has been trying to push through the $10,000 hurdle three times already. This week’s peak was the third attempt to push through $10,000. 

The weekly Bitcoin chart shows BTC/USD at the peak of its third attempt to push the price through $10,000 without luck. It has been about 10 months since last time Bitcoin settled above $10,500. 

If we look at the market’s most interesting trading prices, we find the majority of trading happening below $9,700. This has been the case since 2019. We have seen very little volume traded above $9,700, which shows that peak trading interest is about today’s prices. If we would experience a break through today’s price we would suddenly see a whole new trading pattern, which would result in volatility. This means that Bitcoin trading below $9,700 does not mean that the price would drop significantly. The purchase charts show a strong purchase block on $8,800 and $8,000. If we would see a sudden drop in the price of Bitcoin, the purchase charts now show that a significant number of buyers are ready and willing to stop that drop at these two levels. 

Therefore, there seems to be a clear indication where of the current window is. To safeguard the indications, we are really looking at $8,100 and $10,500 as the space to wiggle in. However, the state of Bitcoin remains in a state of being bullish at resistance. Except for technical indicators, many market drivers are pushing for a higher price. That said, the only way the Bitcoin price can continue to move upwards is to break through the $10,500 obstacle. If that breaks, the river will not completely flood the valley as the next target appears to be around $12,000. 

Are you following the Bitcoin price? Stay tuned for more updates and news about Bitcoin and what is going on today right here at Coinmarket. Our researchers and writers are plugged into the biggest changes that happen on a daily basis to keep updating you on their take in these recent changes and events. 

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