Bitcoin (BTC) has finally been able to find a breakthrough its multiyear resistance level at $10,500 after being rejected multiple times. By blasting through this resistance level, the world’s leading cryptocurrency by market capitalization has printed a new 2020 high by hitting as high as $10,956 on the Bitstamp cryptocurrency exchange on July 27, 2020. Traders think that the coin needs to hold above this multi-year resistance level for the initiation of a macro trend.
Bitcoin Shows Extremely Bullish Behavior
Following the ETH price rally to its yearly high, the first-ranked digital currency Bitcoin (BTC) also succeeds in posting new yearly high above the $10,900 figure. It is the first time since the year 2019 that the price value of Bitcoin has surged above this price level.
After breaking above the $10,500 level, Bitcoin’s price keeps flowing in the upward direction. BTC bulls are once again back in the market as the major cryptocurrency is showing extremely bullish sentiment in the market. At the time of writing, the price value of Bitcoin is trading at $10,782.76 USD with a change rate of +9.19% in 24 hours.
All eyes are now on $13,900
As Bitcoin has successfully broken above its crucial resistance of $10,500 and has made new yearly highs within just one day, Bitcoin is now looking forward to initiating a macro bullish trend by taking advantage of the current positive sentiment.
Traders and technical analysts have shown a positive response towards this breakout rally of the leading digital coin. Grayscale CEO Barry Silbert says in a tweet that all eyes are now on the $13,900 level where the leading cryptocurrency will face its next major resistance.
Apart from this, the latest Bloomberg report also claims that the price value of Bitcoin may go above the $12,000 figure very soon.
However, some traders believe that the next price rally of Bitcoin can only occur if the price of Bitcoin manages to hold above the key level of $10,500 because a failure below this level may lead Bitcoin into the bearish territory.