After failing to pay around $ 9,600-9,700 for several days, Bitcoin saw an explosive price movement on Sunday morning.
After a failed attempt to break $ 9,800, BTC exploded to $ 9,150 on spot exchanges and $ 9,300 on margin exchanges, liquidating tens of millions.
BTC price chart from TradingView.com
Since then, Bitcoin has faced a reversal as the bulls were unable to keep up with the pressure of this surge, apparently catalyzed by the futures market. A leading Wall Street analyst remains bullish on the cryptocurrency market, arguing that the $ 10,500 resistance will soon topple.
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Bitcoin soon to top $ 10,500: Fundstrat analyst
Rob Sluymer, technical strategist at Fundstrat Global Asesores, remains hopeful that Bitcoin will continue higher after its initial breakout:
“We remain positive in Bitcoin’s overall precise structure and expect it to exceed $ 10,000- $ 10,500 as part of its long-term bullish technical profile.”
In a research note shared with Bloomberg, Sluymer added that BTC breaking $ 10,500 will likely lead to a recovery of approximately 31% to $ 13,800. That region “remains a resistance band that Bitcoin will need to break up to signal its next resistance move at $ 13,800.”
This occurs after Sluymer wrote in a March note that BTC’s medium-term outlook was damaged after the capitulation collapse to $ 3,700:
“For now, technically we will give Bitcoin again the benefit of the doubt that it is trying to hit bottom, but we recognize that Bitcoin is likely to need months of consolidation to repair technical damage now instead.”
This comment proved true as BTC has been trapped in a consolidation pattern for almost three months.
Sluymer’s coworker, co-founder Tom Lee, is predicting A new rally in the stock market. Given the correlation that has been formed between the S&P 500 and Bitcoin, such a recovery could take the cryptocurrency market to a higher level.
Bulls in control
Other market commenters, citing technical data and metrics on the chain, agree with Sluymer’s market sentiment that BTC buyers are in control.
As Cryptocurrencies.eu previously reported, the head of technical analysis at Blockfyre commented that Bitcoin has just closed above a three-year downtrend. The downtrend formed at the highest BTC price of $ 20,000 in 2020.
#Bitcoin just had its first daily close above ATH’s 3-year downtrend line when CME Futures launched. This is potentially an override with an HH of any downtrend and the official start of a new macrobull trend. “
Others add that with the weekly candle and the monthly candle close, BTC that manages to move above $ 9,800 is fundamental in the case of the bull.