Reported By: Bitcoinist.com
- Just minutes ago, Bitcoin pierced the crucial $10,500 level for the first time since rallies earlier this year. The level is of utmost importance for BTC bulls as previous bull trends ended at $10,500.
- Bitcoin’s strength comes as altcoins have crashed across the board, potentially giving validity to the ongoing uptrend.
- Analysts, from those on Wall Street to those in the crypto space, say that BTC must hold above $10,500 in the days ahead to confirm a macro uptrend.
Chart of Bitcoin’s price action over the past two weeks from TradingView.com
Bitcoin Must Hold $10,500
The importance of $10,500 to Bitcoin should not be understated. This level marked highs for BTC’s rallies on three distinct occasions over the past 12 months: October’s “President Xi Pump,” the February rally from 2019 lows, and the top of the rally from March’s capitulation lows.
With such a storied history, all analysts are eyeing $10,500 as a level Bitcoin must hold above to confirm the ongoing bullish breakout.
The trader who predicted BTC would fall to the $3,000s a few months before it did shared this chart below just hours ago.
Referencing how the asset failing to break $10,500 could confirm a bearish distribution, he wrote:
“While CT is euphoric with the 10k break, thinking that we are going straight to the ath, I remain cautious until the price consolidates above 10.5k. This level is very important (potential UTAD for distribution).”
BTC analysis by trader il Capo of Crypto (@CryptoCapo_ on Twitter). Chart from TradingView.com
Bitcoin does seem to be decisively taking that level for now. As of this article’s writing, the asset is trading at $10,725, and is surging higher as bulls continue to flood in.
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Price Pierces the Ultimate $10,500 Level: Will Bulls Manage to Hold?