Over the last hour, the price of Bitcoin (BTC) has risen above $ 10,000 and reached a new monthly high of $ 10,315.
The move came after a fairly quiet end to the week, when the largest digital asset on CoinMarketCap was close to an important multi-year bearish trend line. After several hours of closure, Bitcoin regained its strength and climbed over the $ 10,100 resistance zone.
Analysts now expect traders to target $ 10,500, and above this level, price estimates range from $ 11,000 to $ 14,000 to $ 16,000.
While this worries the bulls, it is important to note that the price of Bitcoin has risen 12.76% since it rose from $ 9,142 on July 21, and that the price has not yet taken place after testing the underlying support around $ 9,450 .
There is also a $ 9,615 CME gap that is not yet closed. Given the importance of traders attributed to gaps in the CME, any fall below $ 9,800 increases the likelihood of closing the gap.
The last two moves have taken place over $ 10,000 on a large volume increase, which means that traders need to track the buying and selling of volumes over 1 and 4 hours to determine if the current move can support bullish strength.
In case of withdrawal, traders are likely to look for a reconsideration of the $ 10,100 range, and a strong withdrawal could push the price down to $ 9,800- $ 9,900 as the price may strengthen.
Ethereum bulls goal $ 367
The price of Ether (ETH) has also risen as Bitcoin rose to $ 10,315. At the time of going to press, Ether is trading at $ 329 after a 5% gain.
As mentioned in the previous analysis, traders over $ 317 can target June 26 high at $ 367. But given that altcoin is up 40% since July 21, there is also the possibility that traders who record profits will lead to the price of ether fix .
With the rise in Bitcoin, a number of the top 20 currencies have had marginal gains. Crypto.com Coin (CRO) is up 5.61%, Monero (XMR) is up 3.53%, and Bitcoin SV (BSV) is up 2.18%.
According to CoinMarketCap, the total maximum for the crypto market is now $ 306.6 billion. The Bitcoin dominance index is currently 61.4%.