Bitcoin [BTC] Crosses $10,000 7th Time This Year, Is this the Real Deal?

Nivesh Rustgi Bitcoin News published July 27, 2020 | modified July 27, 2020
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Bitcoin [BTC] Crosses $10,000 7th Time This Year, Is this the Real Deal?

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Bitcoin [BTC] crosses 10,000 again and investors are becoming apprehensive if this time the continuation will lead towards previous highs in 2019 and 2017 at $14,000 and $20,000. Not only Bitcoin but Ethereum also recorded its’ yearly high at $321 in price with over 30% rise.

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Willy Woo, leading on-chain analyst thinks it might be a real deal. He tweeted,

Alts frothy, ETH getting a DeFi tailwind, volatility returning, BTC mempool peaking, BTC txs clogging, this is all great signs for the months ahead.

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BTC/USD 1-Day Chart Gemini (TradingView)

A technical analysis viewpoint suggests that consolidation above $9,700 range is critical. Tyler D. Coates, a crypto trader and analyst tweeted,

If we can support $9,600 – $9,700 over then next couple days then it could lead to a very familiar fractal…
A 1h Phase 3 that breaks through $10K, followed by a sharp Phase 4 that squeezes out shorts sure seems like a good way to break out of this range.

The surge in gold and silver prices during the week comes as a positive reinforcement for Bitcoin as well.

Bitcoin-Gold (Blue) and Bitcoin-SPX (Grey) Correlation (Source)

However, the stronger correlation with the stock market is still a reason to worry because of the rise unemployment rate and the global economic recessions due to the coronavirus lockdown. Nevertheless, the SPX index continues to battle resistance from the pre-COVID highs, the break-out in silver, gold and now Bitcoin is highly reassuring.

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The next level of resistance for the Bitcoin [BTC] bulls is around previous highs in the $10,500-10,600 range.

What do you think about the continuity of the bull run? Please share your views with us.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Nivesh Rustgi 1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com
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