- Bitcoin breaks over its multiyear hurdle and hits a new monthly high at $10,315
- Analysts expect Bitcoin to break over $10,500, $11k, $14, and even $16k
- Bitcoin carries Ethereum and most altcoins along
Bitcoin News Today – Bitcoin (BTC) and the majority of coins have been in the green over the past two days. The world’s most dominant digital currency is enjoying a bullish ride, as it just broke over its multiyear hurdle. The digital currency is now trading well over the $10k mark. Bitcoin bulls are now heading for the $10,500 mark after it managed to close and rallied to $10,315.
Bitcoin Finally Breaks over the $10k Mark
Within the last couple of hours, the price of Bitcoin surged over $10k to set a new monthly high of $10,315. This sharp rally came after a rather uneventful weekly close that saw Bitcoin close over a crucial multi-year descending trendline on CoinMarketCap. A couple of hours after the close, the price of Bitcoin amassed more bullish traction and surged over the $10,100 hurdle point.
Analysts are now expecting the digital currency to hit and break over the $10,500 mark. Over that level, the expectation is ranging from $11k, $14k, and even $16k. The digital currency has recorded notable gains over the past few days. Since rising from around $9,142 on July 21, the price of Bitcoin is up by 12.76 percent, and it has not retested its underlying support around the $9,450 mark.
Bitcoin (BTC) Price Today – BTC / USD
There is a CME gap at $9,615 that is yet to be filled. Due to the importance traders attribute to CME gaps, any downtrend below the $9,800 mark would increase the chances of the gap being filled. The last two moves over the $10k mark happened on high volume surges. This means traders should pay close attention to the buy and sell volume on the one and four-hour timeframe to determine if the digital currency can continue surging higher.
If the digital currency starts a downside correction, the immediate key hurdle is around the $10,100 zone. However, a strong downside correction could push the price of the digital currency towards the $9,800-$9,900 zones, where the price may consolidate.
Altcoins Take a Bullish Ride with Bitcoin
Bitcoin is not the only coin experiencing these massive bull runs. The price of Ethereum (ETH) also surged higher as Bitcoin tested a new monthly high. At press time, Ethereum is changing hands at $323 after an increase of about five percent over the past day. Over the $317 mark, traders are expecting Ethereum to hit its June 26 high at $367. Since July 21, the price of Ethereum is up by about 40 percent. Most of the top 20 altcoins on the market also saw some marginal gains.