Even though Bitcoin price has shown some weakness, key support levels are holding as BTC prepares for another shot at $10,000.
The massive surges in altcoin price usually occur when Bitcoin remains calm and this is what we have seen happening in the previous two months. The question is how long will this last and is the top-ranked cryptocurrency by market capitalization ready for a renewed test of the $10,000 resistance level?
The market is acting above the 100-day and 200-day moving average and that’s a bullish signal as this implies bull territory.
It’s crucial that bulls manage a breakthrough of the $9,400 resistance level, through which a retest of the $9,600 resistance block is likely to occur.
A breakthrough of $9,600 means continuation to the $10,000 resistance level is possible and if this level is tested again, a breakout becomes more and more likely.
Luckily for the bulls, the market has held for support, through which the bullish scenario can be designed.
If that structure continues to unfold, then a renewed test of the $10,000 area is likely to occur. Thus, a repeated test of the $10,000-$10,500 area would lead to a possible breakout upwards.
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