The market has begun the weekend strong. Starting in the late hours of Sunday, Bitcoin has made a bullish charge that has seen it break key resistance position. Bitcoin spent much of its day on Sunday barely holding on to the $8,000 position but as the day came to an end, a yet to be established catalyst came into play and saw Bitcoin rally to new highs in a couple of hours. By Monday morning, Bitcoin had rallied as high as above $8,500.
Today, the market leader has extended this lead by rallying as high as above $8,850. The bulls are clearly aiming to get prices above $9,000 before the momentum can slow down and possibly see a price correction. If prices can get above $9,000 soon, the $10,000 position will come into play and will be easily achievable in the next couple of days.
The latest surge continues to be validated and backed by trading volume. At the time of press, this stands at a little over $30 billion. According to some analysts, the recent surge in trading volume has been a sign that retail investors and institutional investors are seeing eye to eye and are currently both bullish on Bitcoin.
Bitcoin (BTC) Needs To Hold Above $8,500 To Reach $10,000
The momentum seems to have slowed down a little at the time of press with Bitcoin having slipped back to the $8,750 position. Its current position means that in a moderate price correction, prices will be able to hold above $8,500.
This will offer good ground for the next rally and could easily see it surge above $9,000. However, should the market further extend the current rally, prices are bound to get above $9,000. At this position many expect demand to skyrocket with investors anticipating prices will get above $10,000 soon.
With Bitcoin pulling up altcoins, the total market cap has crossed over the $270 billion price mark adding an approximate $25 billion in the last 24 hours. Among the top-performing altcoins is Litecoin which has surged by 11% at the time of press.
During the last couple of rallies, Litecoin has enjoyed immense gains and has been one of the best performing altcoins.
What has triggered this latest surge remains unclear.