The weekend brought much fortune for Bitcoin holders as the digital asset hit its year high. Bitcoin crossed the $8,500 mark towards the end of Friday and with it came intention and momentum to see the asset through to $9,000.
By the end of Saturday, gains had extended and the asset was exchanging in the highs of $8,800 and knocking at the $9,000 position. On Sunday, $9,000 was breached. The bullish momentum was great and Bitcoin set a high resistance of around $9,300.
As we reported earlier, Bitcoin’s dominance has been soaring in recent days and the asset continues to rally ahead of altcoins which are losing investors to the crypto king. Through the weekend, the asset’s dominance has climbed to 57.1%, making it one of the main reasons that have ensured its current strong support.
As the week kicks off, the asset is going under a slight correction dropping by less than 1%. Bitcoin is at the time of press is exchanging for $9,152. Analysts have previously predicted that Bitcoin will not spend much time around the $9,000-$10,000 positions and the current momentum shows they could be right.
Bitcoin will in the next bullish move look to break $9,350 and soon climb to $9,500. Above $9,500, $10,000 will be achievable in a couple of days.
What Triggered The Rally?
According to prominent analyst Tom Lee, Bitcoin breaching the 200-day MA is the reason that triggered the rally. In a tweet he stated:
“Bitcoin has acted very differently since it crossed above its 200D mavg (early April).”
He also added that since then, the only best strategy was to go long. This forecast over the last couple of weeks has been spot on with Bitcoin getting stronger with every passing week. Lee has also previously predicted that as we approach the $10K position, the rally will blow up with FOMO bringing in investors and creating hype.
Altcoins Still Struggling To Turn Green
Even as Bitcoin made bold moves over the weekend, altcoins continued to struggle. Ethereum, for instance, has only moved from around $260 to $270 during the weekend. A lot of other cryptocurrencies are in the same predicament. At the time of press, there is a mix of red and green but fortunately, those in the red are only recording marginal losses.