The weekly chart demonstrates the most active buyers run over the past six months. Bitcoin’s price gain 40% of the cumulative drop during the bear market and could soon overcome the $ 10,000 mark, according to analyst at CoinDesk Markets Omkar Godbole.
However, given that in the current quarter, Bitcoin growth was more than 130%, a temporary correction can’t be ruled out, he warned. In this case, the optimistic picture will be relevant as long as the quotes are held above $ 7,500.
So, there is a strong technical resistance overcoming at $ 9,442 (38.2% Fibonacci) on the weekly chart , the price forms rising top. This run is supported by upward 5- and 10-week MAs, and the Chaikin cash flow index is 0.35 – the best figure for buyers in six months.
Ahead of the price is technical resistance near $ 9949 and a psychological milestone of $ 10,000. If the week manages to close above this barrier with high trading volumes, the next target will be $ 11 394 (50% Fibonacci).
Recall late on Thursday the price of the first cryptocurrency overcame the mark of $ 9,500.