Looks like the bulls are back again to push the price of Bitcoin high and at the moment it is rallied to hit $11, 394.
There is a massive surge that happened in a matter of minutes making Bitcoin achieve a new high of $11, 394, which is the highest level is it has reached since 2019. In 2019, it achieved a high of $10900, which was its highest high.
Currently, the price has slightly dropped to $11,150 though the purchasing volume still continues to spike on the 1-hour timeframe.
Many traders and technical analysts are positive towards the Bitcoin price trend. There was an upsurge from $9,933 to $10,956 in just a single day and that eliminates the chances of a triple top forming. When analysts talk of the triple top, they mean three peaks at the same level. There were fears that BTC will experience the dreaded pattern when it broke above $10,500 recently. The positivity of BTC price is all over and Bloomberg predicts that the price of Bitcoin will surpass $12,000 by the end of the year.
The performance of Bitcoin is giving Ethereum a big competition on CoinMarketcap, as ETH has been a top-ranked asset on the site for a long time. According to CoinMarketCap, Bitcoin has a dominance index of 63.1% currently.
Positivity of the crypto market
Apart from Bitcoin, other altcoins are also performing well. Bitcoin has stagnated in price in two months from May because of volatility. It stagnated in the $9000 to $9,500 range for some time, while resisting at $10,500 level.
Consolidating for a long time under a certain resistance level suggests a breakout. When Bitcoin increased to $10,900, it made bitcoin enthusiasts respond positively.
According to analysts such as Barry Silbert, the CEO of Grayscale, the next resistance level of Bitcoin is set at $13,000.
A bright future
From the Bitcoin rally, there are two main things that investors are expecting. First is that there are chances that other cryptocurrencies will drop in performance. Others expect there will be a second bigger rally. There are chances that other altcoins will underperform according to Ari Paul the CIO of BlockTower Capital.
Even though many are positive about the price trend, there are still some traders who are cautious about the big resistance area. Many investors and market research specialists strongly believe there will be another stronger rally.