Bitcoin $10,000 – This weekend or next?Bitcoin and the broader market starts the day on the right foot, but will need to buck the recent trend to support the continued run at $10,000 levels that looks inevitable barring intervention by regulators in key jurisdictions.
Bitcoin gained 4.74% on Saturday, reversing Friday’s 4.1% fall, to end the day at $9,342.9. The week’s see-saw continuing, with Bitcoin having been unable to string 2 consecutive days of gains together since Monday and Tuesday’s moves that ultimately ended in a reversal on Wednesday.
In spite of the intraweek falls, the good news is that Bitcoin has managed to gain 6.3% for the current week, Monday through Friday and, more importantly, break back through to $9,000 levels and get ever closer to the much talked about $10,000.
Bitcoin’s intraday high $9,500 and low $8,750 came within the same minute through the early part of the morning, Bitcoin managing to reverse the slide through the 23.6% FIB Retracement Level of $8,996 to resume the upward momentum and hit a post spike high $9,437.6 before easing back to $9,342.9 by the day’s end.
For the Bitcoin bulls in search of $10,000, hitting $9,500 and ending the day above the first major resistance level of $9,216.87 was key, the first part of the weekend rally coming good, the next step being Bitcoin avoiding yet another reversal that has been the trend through much of the week.
The prospects of a Bitcoin Cash hard fork that is expected to deliver a competitive edge over Bitcoin has yet to be reflected in market appetite for the market barometer, though competition is certainly building, with Litecoin also being increasingly used as a payment alternative to fiat money.
Saturday’s gains continued to support the bullish trend formed at 6th April’s swing lo $6,500.2, while Bitcoin lags Bitcoin Cash for the week, Bitcoin up 6.3% compared with Bitcoin Cash’s 16.9% rally.
At the time of writing, Bitcoin was up 1.01% to $9,440, with the Saturday rally continuing in the early part of the day.
A start of the day $9,565.1 high saw Bitcoin test the day’s first major resistance level of $9,645.27 before pulling back to $9,400 levels, the pullback considered relatively mild by normal standards to support a positive move through the morning.
A move back through the day’s high would support a run at the 2nd resistance level of $9,947.63 that should get the cryptomarkets particularly bullish, Bitcoin’s last attempt at $10,000 being thwarted at the 24th April’s swing hi $9,767.4.
While Bitcoin may be considered the market barometer, Bitcoin will likely find direction from Bitcoin Cash, another solid rally likely to be a positive for Bitcoin and ultimately the broader markets, any pullback attributed to profit taking rather than a shift in sentiment towards Bitcoin and the cryptomarket in general.
A pullback later in the day could see Bitcoin fall to test the day’s first major support level of $8,895.27, though we will expect Bitcoin to hold at $9,000 levels going into the new week that would continue to support the bullish trend formed at 6th April’s swing lo $6,500.2
Elsewhere, Bitcoin Cash was up 3.88%, while Waves led the way amongst the majors, up 21.1%, with Monero’s XMR and DASH the only majors to buck the trend early, down 1.52% and 0.17%.