Bitcoin’s Bullish Rally: A Weekend Recap

As the weekend drew to a close, Bitcoin (BTC) bulls were ready to charge full steam ahead. With whispers of reaching the elusive $9,000 mark, analysts were buzzing about the possibility of Bitcoin breaking through crucial resistance levels.

The $8,650 Resistance: A Stepping Stone?

With many crypto analysts anticipating that sustaining the price above $8,650 would lead to a rally, they weren’t wrong. Initially, Bitcoin soared to an impressive daily lower high, teasing traders at the $8,800 range before settling at $8,963, which has become a bit of a stick in the mud. It’s like that stubborn kid who refuses to leave the merry-go-round at the playground!

Indicators Point Towards Upward Momentum

Traders kept their eyes glued to the charts and the magic number on the RSI was buzzing past 72, signaling that bullish momentum was in the air. The MACD histogram has shown that funds are flowing in as the Chaikin Money Flow (CMF) oscillator rose above zero, indicating that our dear bulls are not losing steam anytime soon.

The Not-So-Secret Roadmap: What’s Next?

Looking at the daily chart, Bitcoin is gearing up to set a new daily higher high above the $9,200 barrier. If they succeed in breaking past $9,230, traders might start dreaming about $9,500 next, while plotting their course towards even loftier heights like $9,600 or even $10,538. Up, up, and away… unless gravity, aka market corrections, decides to kick in!

Significance of the $9,119.85 Level

Now, the magic number of $9,119.85 isn’t just some random figure; it’s a vital level that has held strong as support since mid-July 2019. Flipping this resistance to support could solidify Bitcoin’s trend reversal. Traders tracking longer-term trends might remember how significant Fibonacci retracement levels can be. It’s almost like Bitcoin has its very own GPS, recalculating its route every time it reaches a key point!

The Bigger Picture: Market Trends

As Bitcoin struts its stuff, the overall cryptocurrency market cap has ballooned to $245.8 billion, with Bitcoin’s dominance lingering at an impressive 65.9%. Meanwhile, as BTC basks in its glory, some altcoins are catching a tailwind, with notable gains seen in Bitcoin SV (BSV) popping up by 11.32%, and Ethereum Classic (ETC) soaring 15.3%. Talk about a family reunion!