Bitcoin Gets Into The Spotlight Again As It Aims To Hit $10,500

Bitcoin gets into the spotlight again after the $600 latest gains as it now seems to be poised to hit $10,500 price level based on multiple indicators as we are reading in the Bitcoin news today.

The number one cryptocurrency saw its price increase by about 10% over the 24-hours and now the most important resistance levels sit ahead of $10,500 and $10,900. While BTC seems to have more gas up its sleeve, the traders should be cautious of further coordinated action for the bigger holders. The bulls now have major control over bitcoin’s price action and the indicators show Bitcoin’s trend is expected to reach $10,500.

Bitcoin started surging over the past few hours and even hit $9,800 despite bearish market conditions. The move upward allowed it to demolish the huge supply wall that was about $9,600 price level. According to the charts from IntoTheBlock show that the model estimated more than 1.2 million addresses hold more than 930,000 BTC. The number one cryptocurrency went past the resistance and is now poised to go up.

If the buying pressure behind Bitcoin increases, the next barriers to watch out are the mid-Feb high and the 127% Fib retracement level and the next hurdle points sit at $10,500 and $10,900. It is also important to know that these behavior seen recently could be a part of another setup. The larger holders could be pumping Bitcoin right before the halving and then dump their holdings on the investors’ market. There was a huge change in the way that the holders with their assets have been behaving. The players were decreasing the positions but over the past few days, they started accumulating.

The change in behavior could signal that the market makers are preparing to dump at the top. The data shows that Bitcoin gets ready to make a strong increase as the behavior appears to the happening with idled coins. This could be because they try to sell the coins to the newcomers and those that will end up in the halvening rally could even buy BTC from the big whales. The $9,400 support level is extremely important for the future rise of Bitcoin and it has to rebuff a drop in order to continue the trend. If the major cryptocurrency reverses, the next important support level will be set at $8,300.