After hovering around a major resistance of $10,000 for some time, bulls were able to propel Bitcoin and lift it upward to this resistance region on Feb 10. After breaking the resistance, Bitcoin witnessed a sudden uprise in the price and touched a high of $10,350, this is the highest increase after the downfall of Bitcoin in mid-September 2019.
This sudden surge in price did not last long and followed a significant dip of $300 below the $10K mark. The price again bounced back to 10K with a minor fluctuation under $9,900 range.
This mild dip in the price after a major upward movement against $10,100 region has sparked hope among traders with the expectation of an upcoming massive rally in the crypto market. This considerable rise against the daily trading around $9,700 indicates a consistent bullish trend.
While considering the historic violent upward movement in the price of Bitcoin, the $10K mark has played a vital role. The historic trend shows that whenever bulls were able to pull BTC up to $10K price it has turned into a rally with price increase up to two-fold.
The current level of $9,900 is important to maintain by bulls through covering up the selling pressure. In order to keep this momentum and avoid the price to expect a further dip beyond $9,500, the trader is required to hold this line and absorb the negative trades.
A noted cryptocurrency expert on Twitter, Josh Rager, explained the importance of stability of the current price to keep this bullish trend. In a recent tweet, he also shared hope about the continuation of this bullish trend despite a minor dip in the current trading price.
Regardless if $BTC experiences a pullback after hitting $10k
A weekly close above $9556 would be absolutely bullish pic.twitter.com/dK5fc9v6aP
— Josh Rager 📈 (@Josh_Rager) February 9, 2020
The Flibflib, a crypto trading pioneer, reported that Although the price has seen a dip below $9,900, Bitcoin is expected to recover it quickly and move above $10K without testing the low resistance again.
PentarhUdi, a prominent crypto analyst, further shared a possibility of the bullish movement if the price breaks currently formed Triangle Resistance. The breaking up of the upper resistance line of $11,000 could invalidate the likelihood of bearish movement and result in a long-term bullish pattern.
The recent bullish movement beyond $10K also leads to an incredibly volatile market. At the time of writing this article, the Bitcoin price was fluctuating around $9,800 price with a green candle in a monthly range chart. The extreme volatility in the price of Bitcoin after a considerable upward movement has been already noted in the Past. The current breakthrough in the price along with any important news about the crypto market could lead to a massive change in the trading pattern and hence taking the Bitcoin price above the recent high.