It’s been an extraordinary past few days for the BTC prices. Bitcoin prices started the week at around $9,200 but rallied to $9,700 after capitalizing from a rally in ETH prices.
On Sunday, BTC managed to extend its surge above the $9,800 resistance. As a result, the bulls gained strength, and the BTC price gained over 4% to break the all-important $10K barrier.
A new monthly high was formed near $10,199 before the price started an upward correction that has driven the leading crypto up 5% to trade around $10,241 during press time.
With the recent colossal Bitcoin price action, analysts argue that the king coin is primed to see an explosive move higher reminiscent of Oct. 2019.
BTC Price Holds Strong at $10K
It seems like BTC price is holding strong above $10K in today’s sessions. A successful close above the $10,100 level in today’s trading may open the doors for a fresh rally in the near-term, which could see prices rise towards $10,500.
In fact, Rob Sluymer, a technical strategist at Fundstrat Global Advisors, remains optimistic that Bitcoin will continue its uptrend after its initial breakout. He commented:
“We remain positive on the overall precise structure for Bitcoin and do expect it push through $10,000-$10,500 as part of its longer-term bullish technical profile.”
In a research note shared with Bloomberg, Sluymer added that BTC price breaking $10,500 will likely lead to an additional 30% rally to $13,800.
Other market commentators agree with this bullish sentiment, citing technical and on-chain metrics that indicate BTC bulls are in control.
For example, Pentosh1, the lead technical analyst at Blockfyre, commented on twitter that the flagship crypto recently closed above a three-year downtrend that was formed at Bitcoin’s ATH price of $20K back in 2017.
ETH Prices Set For Further Rally
Ethereum has seen an intense uptrend throughout the past few days, with ETH price exploding from recent lows of $230 to highs of over $312 that were set earlier today.
Currently, ETH is up by more than 8% after it broke the $325 resistance level to change hands at $325.22 during press time.
After yesterday’s impressive breakout at $322, the bulls have apparently remained in action, with ETH price likely to continue higher towards $350 in the coming sessions.
It appears that this impressive growth has been fueled by a blend of strong fundamentals and a strong market structure.