It has been a fruitful Friday and Bitcoin is looking set to hit five figures very soon. BTC has made another step up over the past few hours as crypto markets reach a new 2019 high. There is a lot of resistance here though so a big push will be needed to overcome that on the journey to $10k.
A couple of hours ago Bitcoin hit an intraday high of just under $9,800 as it blazed past resistance at $9.6k. Daily volume is almost back to $20 billion and the bulls are firmly in control at the moment. Many expected a pullback at the mid $9.5ks but it has failed to materialize as yet.
Bitcoin Gains 18% on The Week
Over the past week Bitcoin has made a whopping 18 percent surging from $8.2k to its current level. Since the beginning of the year BTC is up 158 percent and is looking to make further gains. As usual the chartists and traders have been looking at patterns for Bitcoin’s next move. Trader Josh Rager has determined that the next level of resistance lies at the $9.8k mark which has already been hit.
“$BTC $9,800 Target hit, some profit taking but not bearish yet. If the price continues to move back up to retest $9800 then it’s likely it breaks and continues up to $10,000. Patience is key for now as a potential range starts to form on low time frame charts”
Many are confident that the big $10k will be hit soon, maybe even today. Where it goes from $10k could be anyone’s guess, traders are already looking at resistance points up to Bitcoin’s previous all-time high of $20k.
Ethereum analyst going by the obscure twitter handle of ‘Formerly ScienceGuy9489’ chimed in adding that there was obvious resistance at $10k but after that it is minor;
“After that I see minor resistance at $11,500, $14,200, and $17,000. Expecting major resistance at $20,000 because of previous high but my gut feeling says that if we make it to these levels then FOMO should break the previous high.”
In a previous tweet, Rager agreed with the mid-$11k level as resistance adding that there was little else in the $14k to $16k area as bulls are likely to pile in as they did previously.
What About Fundamentals?
Escalating economic woes, trade wars, and a falling USD could be driving investors into Bitcoin at the moment. It is seen as a safe haven when traditional assets are in trouble. Likewise with gold, which has also just hit a six year high according to the Financial Times. BTC is also a good offshore hedge against local political tensions as seen recently in Hong Kong for example.