Bitcoin bulls target $10,500 after BTC managed a strong weekly close and rallied to $10,315.
Within the last hour, Bitcoin (BTC) price rallied above $10,000 to set a new monthly high at $10,315.
The move came after a rather uneventful weekly close which saw the top-ranked digital asset on CoinMarketCap close above an important multi-year descending trendline. A few hours after the close, Bitcoin price found renewed strength and surged above the $10,100 resistance zone.
Analysts now expect traders to target $10,500, and above this level price estimates ranging from $11,000, $14,000 and even $16,000 have been thrown about.
While this is exciting for bulls, it’s 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.
There is also a CME gap at $9,615 which has yet to be filled. Given the importance traders attribute to CME gaps, any pullback below $9,800 heightens the likelihood that the gap will be filled.
The last two moves above $10,000 occurred on high volume surges, meaning traders should keep an eye on buy and sell volume on the 1 and 4-hour timeframe to determine if the current move can keep upward momentum.
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