Bitcoin rose higher than 10,000 dollars in the past few hours and stopped at 10,315 USD. Bitcoin overcame the long time resistance and rose to the 10,000 dollars resistance zone as a result of the previous weekly closing on a strong note.
Crypto traders are expecting bitcoin to reach the 10,500 USD price mark and hope it rallies to between $11,000, $14,000 and $16,000 in the coming weeks.
This is an interesting result for the bulls. Bitcoin has recovered 12.76% since it rose on the 21st of July from 9,142 USD. The cost has yet to test possible support around 9,450 dollars again.
Another CME gap at 9,615 USD is yet to be filled. Any concession of lesser than 9,800 dollars increases the possibility that the gap will be filled, considering the benefits crypto traders allocate to CME gaps.
Crypto traders should watch the buy and sell volume on the 1hr and 4hr period to decide if the present move can keep a higher level of swiftness.
Due to the concession, crypto traders would possibly expect a retest of 10,100 dollars area, and the cost could drop to 9,800-9,900 USD.
The price of ETH has also increased, just like that of Bitcoin. After a rise by 5 per cent, ETH trades at 328 USD today.
Some of the top 20 altcoins saw marginal gains, Monero gained 3.53%, Bitcoin SV added surged 2.18$ and crypto.com coin rose to 5.61%, all following the rise in bitcoin price.
The dominance index of Bitcoin is presently at 61.4%. The whole crypto market cap position is now at 306.6 billion dollars, as provided by CoinMarketCap.
Source: Cointelegraph
