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Bitcoin Market “Fireworks” Are Dependent on This Critical Level Above $10k

Bitcoin Market “Fireworks” Are Dependent on This Critical Level Above $10k

The past few days have undoubtedly been bullish for Bitcoin, with the cryptocurrency ripping over 20% higher from the mid-$7,000s to a price as high as $9,500 over the course of 48 hours.

This stunning rally has brought the cryptocurrency above some key resistance levels pointed out by traders. One trader noted that during the move, BTC passed the point at which bears made their “last stand,” marked by a confluence of resistance levels like the 200-day simple moving average and the 61.8% Fibonacci Retracement of the 2020 highs and lows of $10,500 and $3,700, respectively.

It’s too soon to be long-term bullish on Bitcoin, though, with a leading investor claiming that the crypto market remains in a macro range, not in a bull market as some investors have asserted.

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