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.
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