After trading stable for a few weeks, the top-ranked digital currency by market cap Bitcoin (BTC) has finally got a breakout and has managed to come out of the $9200 zone. Bitcoin’s price has surged high by over $100 within the duration of just thirty minutes and climbed above the past $9300 level today on July 21, 2020. The leading cryptocurrency is now up 2.42% while trading in the bullish territory holding at around $9,376 at the time of publication.
Bitcoin breaks above $9.3K for the first time in a week
Bitcoin has been trading sideways through the $9,000 – $9200 range since the ending days of June and remained stuck there for a while. During this time, it made some upwards moves but could not get a breakthrough. Bitcoin even reached its lowest volatility level.
But now it has finally succeeded in its attempt to surpass the $9300 figure and it is the first time since July 13 that the coin has broken above this level.
Source: Trading View
Bitcoin would now be looking to printing new yearly highs after this significant move by the coin. Also, the confidence of investors is also developing once again in Bitcoin after this price action.
Should we expect a potential rally coming?
After breaking above the $9.3k level, Bitcoin is likely to head towards its historic resistance level of $10,000. If the buying pressure is increased then we may see the leading cryptocurrency going above this psychological level and posting a potential rally. Some technical analysts are also of the view that Bitcoin can start a strong rally if it breaks above the short-term resistance at $9.5k and $9.8k respectively.
However, there are some traders who are still optimistic about Bitcoin. A major crypto trader known as Michael de van de Poppe said that Bitcoin price may not further accelerate now:
“We’ve got our breaker and bullish move here, as the market is showing strength. I don’t think $BTC will accelerate, as it’s just still hopping around.”