The week is opening on a high note for Bitcoin as the top cryptocurrency makes a dash for the highs. Over the weekend, Bitcoin rose in price to break above the $8 mark, a level the crypto had slumped below as a result of a recent retracement that followed a daring spike to $9k. However, the drawback was a quick one, leaving Bitcoin dilly-dallying between $7,800 and $8,000 for some days.
Trader & Analyst “Rekt Capital,” has been tracking Bitcoin’s price activity since the beginning of the month. The analyst sent out a tweet announcing Bitcoin’s new move to the $9k range.
A clean breakout from the 1M range will allow for a rally to $9,800
But if BTC continues to get rejected from the top of this 1M range, it will stay in the upper half of it (i.e. $8,550 – $9,300) pic.twitter.com/GZp21ZCBhs
— Rekt Capital (@rektcapital) June 16, 2019
Two Weeks Price Action
As mentioned above, this trader has been on Bitcoin for weeks, tracking and reporting on its price action and market dynamics. On June 2nd, Rekt Capital prognosticated that Bitcoin would be swinging between $7,770 and $8,500 if it broke below the then resistance level, and trade between $8,500 and $9,300 if it broke above it.
From the look of things now, Bitcoin seems to have taken the positive direction, although it did retrace for some days before beginning an upward recovery. Over the weeks and while Rekt Capital watched the markets, Bitcoin demonstrated a gallant power to hold its ground and protect its support level despite various negative news like the Bitfinex scandal and the Binance security breach.
Bitcoin has always been the heavy-weight crypto in the market, and most other altcoins tend to follow its trend. That said, it’s probably understandable now that the larger crypto market is turning as Bitcoin surges. At the time of this writing, Bitcoin trades at around the $9,335 range, with a strong indication that it might be headed upwards to the $9800 region.