Is Bitcoin Price Ready for a Big Breakout Next Week?

The price of Bitcoin is constantly rising. It was steady at $9000 after that a rally of $9,600 has started. The price of one Bitcoin has been anticipated by many analysts and financial experts. The only question that is bothering these experts is when does the Bitcoin doing to hit the $10,000 mark?

Since the much-awaited Bitcoin halving has occurred, the price is stuck. The exact price range is $8,800-9,000. But when it comes to an increment up to $10,000 mark, resistance can be seen. Since the market is narrowing down, it is yet to be seen when the Bitcoin is going to reach its $10,000 mark.

Bitcoin Prices Have Been At The Support Level

The Bitcoin price level was held at the support level in the past week. It happened due to the upward trend structure. After holding the value to the support level, the price of Bitcoin bounced back.

The 100-day and 200-day moving averages (MAs) are low. If these levels remain below a certain level, Bitcoin can hit its bull mark. According to the BTC/USDT 4-hour chart, Bitcoin is resting at a resistance level of $9,650. If this resistance to be believed, BTC will hike in the coming period.

The major Bitcoin move is yet to be seen but it is assumed that a staircase pattern will likely to happen. Once the Bitcoin breaks a high-level of $10,100, the price will be ready to increase.

Total Market Cap Of BTC

The market capitalization of Bitcoin is breaking out from $270 billion. Since it is also a factor that can clarify whether or not Bitcoin will move to the $10,000 mark, it can also be evaluated.

The total market value of BTC seems to be increasing, but the price of Bitcoin is stuck at a level. Another common reason for the hold of Bitcoin is the breakout of the altcoin. The price of ETH is increasing as well as the market cap of altcoins.

Bullish & Bearish Scenario

The bullish zone has shown resistance at $9,650 and $9,900 levels. If during the coming week, the price remains stuck below the $9,200 then the potential break will not happen. On the contrary, if the price surges above $9,650 then the breakout is confirmed.

The bearish scenario can be tested clearly. If a rejection is seen at the retest, the price can drop up to $9,300. The bearish scenario is mandatory to consider because it can clarify the further price breakout of Bitcoin.