Today, Bitcoin is challenging $10,000 yet again.
The good thing is “the more we test resistance, we eat away at those sell walls,” making it easy to break above this important level.
The world’s leading digital currency went as high as $9,945 and is currently trading above $9,600, up over 7% managing $2.5 billion in “real” volume.
For bitcoin to turn “certainly” bullish, the digital asset has to close above $9,500s on higher time frames.
“It's all a game of liquidations anyway,” said crypto investor and trader Josh Rager.
Today’s uptrend also resulted in filling the biggest CME gap that occurred over the weekend.
Filling this gap had Bitcoin falling from today’s high which has created a “nice” trading range of $9,800-10,100 in the highs and $8,250-8,400/$8,600 in the lows.
“No post-halving dump. The dump occurred before the halving. Bitcoin could be in a bull market,” said trader Crypto Michael.
Another bullish dose is given by analyst Galaxy who says breaking $10,500 resistance will be the showtime for the digital asset.
A bullish signal is also on the 12-hour chart with $10,500 and $10,800 as the next targets.
The most bullish technical analysis event of this year will be breaking the $10,500 resistance.
— Galaxy (@galaxyBTC) May 14, 2020
The bitcoin rally is expected to continue as it sustains higher lows, displaying quality strength by going up on volume while “overhead supply continues to get eaten away.”
“Stonks be rolling over, Bitcoin be mooning”
Bitcoin’s uptrend also resulted in the digital asset decoupling from the stock market. Starting March, bitcoin began acting like a risk-on asset following the equities market and their correlation also jumped to an all-time high.
But post halving, while bitcoin instead of having a pullback from expected miner capitulation climbed up, stocks continued their way downwards.
As we reported, Fed Chief Jerome Powell warned about lasting economic damage and called for more stimulus that had stocks falling.
“Stonks be rolling over, bitcoin be mooning. SPX double bear market rally top at the 62% retracement, rut roh. Fire up those stimulus checks and let’s take out $10k bitcoin,” noted BitMEX co-founder and CEO Arthur Hayes.
— TradeBlock (@TradeBlock) May 13, 2020
DJ Kam Bennett is also looking to become one of us as he tweets to 1.8 million of his followers, “Now is the time to buy into bitcoin? Right?”