Bitcoin Price surges past $10 – Is $10.5K Within Reach?
Bitcoin target heads towards$10,500 after a strong weekly close and at $10,315.
Over the weekend Bitcoin (BTC) price went above $10,000 to set a new monthly high at $10,315. Could it keep going?
Analysts and traders expect it to reach $10,500, although price estimates ranging from $11,000, $14,000 and even $16,000 have been talked about. This could result in the biggest rise since Dec 2017.
While this is exciting news, it’s important to note that Bitcoin price has rallied 12.76% since rising from $9,142 on July 21 and the price has yet to retest underlying support around $9,450.
Bitcoin SV (BSV) also went up gaining 2.18%.
Previous 10k Surge
The last two moves above $10,000 occurred on high volume surges, meaning traders should keep an eye on buy and sell volume on the 1 and 4-hour timeframe to determine if the current move can keep upward momentum.
In the event of a pullback, traders will likely look for a retest of the $10,100 area and a strong pullback could see the price drop to $9,800-$9,900 where the price may consolidate.
Ethereum moves up too!
Ether (ETH) price also surged higher as Bitcoin price surged to $10,315. Over the weekend, Ether reached $329 after rallying 5%.
According to CoinMarketCap, the overall cryptocurrency market cap now stands at $306.6 billion. Bitcoin’s dominance index currently at 61.4%.