Bitcoin Rallies Towards $10,000 as Buyers Attempt to Form Bullish Weekly Close
- Bitcoin has seen a notable upswing overnight that has led it back into the upper-$9,000 region
- The benchmark cryptocurrency now appears to be gearing up for a retest of the heavy resistance established at $10,000
- Whether or not it is able to surmount this level as its weekly close fast approaches could offer significant insight into which direction it will trend in the week ahead
Bitcoin bulls are fighting back against the recent selling pressure that came about as the result of the cryptocurrency’s recent rejection at $9,900.
This rejection led the crypto to the lower-$9,000 region, with its visit to these lows being met with significant buying pressure that subsequently helped propel the cryptocurrency significantly higher.
It now appears that BTC could be well-positioned to push higher, as the strength stemming from its latest push higher comes as an important weekly close fast approaches.
Analysts are noting, however, that there are a few bearish factors that investors need to be aware of, as they could spell trouble for the mid-term longevity of this latest push higher.
Bitcoin Pushes Towards $10,000 as Buyers Gain the Upper Hand Over Sellers
At the time of writing, Bitcoin is trading up just over 3% at its current price of $9,730. This marks a notable climb from daily lows of roughly $9,200 that were set yesterday.
The dip to these lows was absorbed by strong buying pressure that helped catalyze the crypto’s ongoing rebound.
Josh Rager – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that $9,550 is the key level that buyers need to hold BTC above before its weekly close if they want to extend its mid-term bull trend.
“BTC weekly close today and sitting right at resistance in $9500s. Would like to see price close at or above $9550 on weekly,” he said while pointing to the chart seen below.
Some other traders are noting that this uptrend could be far from over.
One such trader recently offered a chart showing an upside target of over $10,500. This target exists right around the cryptocurrency’s current yearly highs.
CME Gap and Historical Weekend Price Action Both Grave Signs for BTC
It is important to keep in mind that there are some factors that could cause the cryptocurrency to see some weakness in the days ahead.
Another analyst recently pointed to the fact that bull runs on weekends are typically followed by swift retraces, also pointing to an open CME futures gap at roughly $9,300 as another reason why it could soon see some further downside.
“Be skeptical about weekend movements. They usually end up being a trap… CME gap from $9,295 as well,” he explained.
Featured image from Unplash.