Bitcoin (BTC) Price Rallies Above $10,000 To A New Monthly High
Bitcoin (BTC) Price Rallies Above $10,000 To A New Monthly High
July 27, 2020
Bitcoin (BTC) Price Rallies Above $10,000 To A New Monthly High
Bitcoin (BTC) Price Rallies Above $10,000 To A New Monthly High
July 27, 2020

Bitcoin (BTC) price rallied above $10,000 to set a new monthly high at $10,315. 

This comes after a rather uneventful weekly close which saw Bitcoin on CoinMarketCap close above an important multi-year descending trendline.

However, a few hours after the close, Bitcoin price surged above the $10,100 resistance zone.

Weekly price chart. Source: Cointelegraph

Analysts now expect traders to target $10,500, and above this level price with estimates ranging from $11,000, $14,000 and even $16,000.

It is 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. 

Meanwhile, there is also a CME gap at $9,615 which is yet to be filled.

Given the importance traders attribute to CME gaps, any pullback below $9,800 only heightens the likelihood that the gap will be filled. 

The last two moves above $10,000 occurred on high volume surges.

This means that traders should keep an eye and sell volume on the 1 and 4-hour timeframe to determine if the current move can keep upward momentum. 

BTC daily price chart. Source: Cointelegraph

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. 

ALSO READ :  Seoul Police Raids South Korea’s Crypto Exchange Bithumb

Meanwhile, as Bitcoin price moved higher a number of the top-20 altcoins saw marginal gains. Coin (CRO) rallied 5.61%, Monero (XMR) added 3.53%, and Bitcoin SV (BSV) gained 2.18%. 

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $306.6 billion with Bitcoin’s dominance index currently at 61.4%.

Source: Cointelegraph | Image: Pixabay


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bitso Concludes $250 Million Series C Capital Raise

Bitso Concludes $250 Million Series C Capital Raise

Bitso, the Mexico-based cryptocurrency exchange, has concluded a $250 million Series C capital raise, putting it in the upper echelons of Latin America’s fintech industry.  It has been reported that the latest...

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.