Bitcoin at critical point with breakout above five figures

Bitcoin at critical point with breakout above five figures

Bitcoin has smashed through previous levels of resistance with a surge in the US$10,000 [AU$14,746] zone today. The asset is nearing critical levels which will confirm a major trend reversal if broken.

Bitcoin has surged to a three-month high during Asian trading today, topping out at $10,400 according to Tradingview.

The move has added almost nine percent on the day to BTC prices, the majority of it in one big green hourly candle a couple of hours ago.

Trader and analyst Josh Rager commented that a close above $10,370 would be “insanely bullish.”

The previous high was around $10,500 and until this level is broken, BTC markets are still in a downtrend. It is crucial that the bulls step up this time and take prices higher to confirm a two-year trend reversal.

Since the big pump, BTC has pulled back to the $10,100 area so the next few hours will be critical.

The move has lifted total crypto market capitalization to its highest level since late February at around $283 billion.

Featured image courtesy of Aleksi Räisä/Unsplash

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