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Bitcoin Breaks Above $10,500 as Bullish Recovery Continues: What Comes Next?

Nick Chong
by Nick Chong
4 years ago
·
Posted in Bitcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Bitcoin has been bouncing between $10,000 and $10,500 over the past few days.
  • Both buyers and sellers have been trying to assert dominance, resulting in multiple tests of both range boundaries.
  • BTC finally broke above $10,500 just minutes ago.
  • The leading cryptocurrency has had quite the history with $10,500.
  • Bitcoin was rejected multiple times by that level over the past 12 months.
  • Analysts are optimistic, but it is worth noting that this is a weekend rally.
  • Weekend rallies often retrace due to the CME futures narrative.

Bitcoin Breaks Above $10,500

Bitcoin is starting to wake up after consolidating in a $500 range for the past five days. The leading cryptocurrency just minutes ago crossed above $10,500 for the first time in many days in a $100 candle that came on the back of liquidations.

According to Skew.com, a crypto derivatives tracker, around $6 million was liquidated during Bitcoin’s move higher. This was only for BitMEX’s BTC market, meaning millions more were likely liquidated.

Other markets, like those for Ethereum and other altcoins, also likely saw millions in liquidations as they moved higher.

Chart of BTC's price action over the past few days from TradingView.com

What’s Next for BTC?

Analysts are optimistic about what comes next for Bitcoin.

One crypto trader shared the chart below, which shows the recent price action over the past few weeks. The trader’s proprietary indicator just formed a buy signal on the daily candle; this signal was last seen at the end of July, in the low-$9,000s.

The indicator also formed a sell signal just two days prior to the flash dump from the $12,000 highs to $10,000.

Image

Chart of BTC's price action over the past few weeks with analysis by Stackin' Bits (@StackinBits on Twitter). Chart from TradingView.com

The chart also indicates that Bitcoin has cleanly bounced off a monthly trend level, which is bullish. It also shows that BTC is running up against a weekly trend, though, suggesting that bulls still have some work to do.

Another trader that predicted the ongoing retracement also suggested that there is little reason to short Bitcoin from here. He suggested that the coin could move “closer to $11,000,” which is where the next notable level of resistance lies.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Breaks Above $10,500 as Bullish Recovery Continues: What Comes Next?
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Nick Chong

Nick Chong

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I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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