Bitcoin Price Ready to Push Above Key Resistance to Hit $10,000

Bitcoin price sees a tremendous start of the year as it surged 25% year-to-date.

Bitcoin breaks the 7-month downtrendThe price of Bitcoin broke through the downtrend a few weeks ago, which marked the possible end of the downwards pressure.

The price of Bitcoin broke above $8,200 and rallied towards $9,000.

Remarkably, the $8,600 level instantly flipped to become support in the past few days, after which the price of Bitcoin continued to rally towards $9,000.

To confirm this bearish divergence, the price of Bitcoin needs to drop below $8,800.

The total market capitalization chart often shows a brighter view than the Bitcoin chart alone.

Overall, Bitcoin started to rally since $6,400, so the upwards continuation will be stopped at some point to consolidate.

If Bitcoin breaks upwards again, it's most likely to start ranging between $9,000-$10,000 for some time in preparation for the next push upwards.

If the price of Bitcoin breaks through $10,000, then FOMO could come back into the market, triggering the price to go towards $11,600.

If the price of Bitcoin can't break through $9,000 and drops below $8,800, bearish divergences on short timeframes confirm a short-term trend reversal and the main target would then become $8,250.