If the bullish market forces can sustain its recent build-up to the current level of around $8,600, then a push to break $10,000 looks to be within reach. Even the current price looks like a huge return on the investments made only seven weeks ago when BTC began its latest upward movement. The decade-old cryptocurrency had spent much of March languishing around $4,000 before a sudden spike kicked off an April rise above $5,000. Progress was steady, even when faced with the historical nemesis of resistance lines at $5,400 and the seemingly impenetrable $5,900.
By mid-May, bitcoin convincingly breached $6,000 before going on to climb above $7,000 two weeks ago.
A few stumbles jarred the nerves of many analysts fearing a sudden and catastrophic plunge into a sub-$2,000 abyss which never materialised.
In theory, that collapse is always a possibility given the shockingly volatile nature of unregulated and easily-manipulated cryptocurrency markets.
But, in practice, there is enough trading volume about to believe a move upwards could be sustained.
There are, as always in any financial market, strong resistance lines at all levels but anything above $9,000 is pretty much unchartered territory, given how long BTC has spent way below that figure.
In terms of resistance, it waits to be seen what the mood of the bears is.
The lack of meaningful reaction to what has been bullish sentiment could easily leave many believing the bearish traders are lethargically rolling over in preparation to hibernate for a while.
For the optimist, it should be noted that the $8,400 resistance level has been tested as a step of five higher lows wedge their way upwards.
This should be interpreted as a very positive mood swing.
The danger, as experience and history will testify, is that it is still technically difficult to label this a bull market.
The activity may be bullish, but it is still level enough that it could be controlled by bears – the claws of which are designed to wreak maximum damage on the unwary.
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