Altcoins have followed the lead of Bitcoin, posting similar gains. Per CoinMarketCap, Ethereum is up 7.75%; XRP, 2.75%; Litecoin, 2.2%; Bitcoin Cash, 5.14%; and so on and so forth.
On Friday, these hopes became reality, with BTC managing to run past $10,000 in a massive swing to the upside. As of the time of writing, Bitcoin has found itself at around $10,200, up 6% in the past 24 hours.
For weeks now, Bitcoin analysts have been eyeing $10,000. They hoped that sooner rather than later, the leading cryptocurrency would top that price point. As reported by this outlet, analyst Smart Contracter wrote that “I think its only a matter of time now before we break up again”, in reference to $10,000.
Key Resistance in Sight
In spite of this dramatic move higher, there is still seemingly one barrier in BTC’s way. As mentioned, the cryptocurrency has stalled at $10,200 over the past hour or two, with bulls failing to push the asset higher. This, according to one analyst, is no surprise.
On Twitter, a user going by “Mister Farbridge” pointed out that the top of the weekly Ichimoku Cloud, marked in red, is currently holding BTC back. The indicator, used to determine key price points and overall trends, is showing that BTC needs to surpass and hold above $10,200 to confirm bullish momentum. Bitcoin has around 48 hours before the current weekly candle closes.
While some fear that rejection of $10,200 could be seen, Tyler Winklevoss, one of the heads of Gemini, claimed that once Bitcoin holds above $10,000, “you can bet it’s going to break $15,000.”
So, in the short-term, what exactly should investors be keeping an eye on?
As reported by Ethereum World News previously, $11,700 is the level to watch. For those unaware, $11,700 is the price point at which BTC found resistance during the collapse from $20,000, and where BTC topped during April 2018’s bear market rally. Level’s Josh Rager explains that:
“Bullish sentiment & greed will propel price action to new highs after $11,700 & accumulating under $11,700 will be key, imo.”