Price Analysis Summary:
- The bitcoin market blasted straight through the $10,000 price range in a rally that had bitcoin price testing the lower $11,000s before any meaningful selling took place. This rally was fueled by deeply underwater short positions that were liquidated and/or forced to close.
- We are currently sitting above a major milestone on the monthly level of $10,300 and a weekly milestone of $9,900. The weekly candle closes tomorrow. If we can close above these levels, that would be a majorly bullish statement. From there, we are likely to begin a new trading range on the macro market structure.
- If we fail to hold the monthly level at $10,300, we are likely to retest the weekly breakout at the $9,600 levels.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This price analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc. They should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.