Bitcoin price (BTC) rose to within $ 50 from the $ 11,000 mark after a strong break above the $ 10,500 level. Over the past six months, analysts have placed great emphasis on the underlying level, and many expect the price of bitcoin to rise after removing resistance for several years.
Keith Wiring, a contributor to Cointelegraph, suggested that Bitcoin's price could move faster as merchant morale rises more and more as long-term opposition becomes new support.
As the 1-hour chart shows, Bitcoin's recent rally over the long-term bearish trend line from its all-time high in 2017 and today's move above $ 10,500 has been driven by big gains.
At the time of writing this report, there is a moving average convergence divergence and RSI in the overbought zone, indicating that the bulls now have full control.
The RSI and MACD are usually overbought and sold as signals, but Bitcoin's price history over the years shows that both oscillators can remain oversold as prices rise to new highs.
As mentioned in yesterday's Cointelegraph Market update, Bitcoin is up almost 20% since July 21, and this strong move has come without a major retest of the previous S / R volatility.
Traders should keep a close eye on trading volume in smaller time frames, as a sharp drop in volume could try the $ 9,500 level again.
According to CoinMarketCap, the total maximum for the crypto market is now $ 316.4 billion. The Bitcoin dominance index is currently 62.8%.
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