Yesterday’s daily candle closed in the range $9200-9400.
Looking at the nature of the growth, the mark $10,500 should not be a problem for buyers.
The local critical point of buyers is $9200. The global one – $8860.
The reality on Bitcoin market turned out to be much more optimistic yesterday and today. The sluggish movement of Bitcoin price yesterday at the beginning of the trading day hinted more at the repeated test of the mark $8650. However, fixing above $8860, buyers became more active, closing the daily candle in the range $9200-9400. Trading volumes are slightly higher than average. Market purchases yesterday were 13% higher than market sales.
In a previous analysis, we wrote that in case of $9200-9400 test and daily candle closure above $9000, buyers can expect the growth continuation. By closing the daily candle at $9312, buyers showed the potential for continued growth and the lack of strength of sellers. The range $9200-9400 was a so-called buyers strength indicator.
The correction of growth in Bitcoin market ended in the middle line of the red channel and now buyers are trying to accelerate growth. If we talk about the nature of growth, it has changed and looks more natural than before halving. Sellers who sell Bitcoin at local highs also look organic, while there are enough buyers on the market to keep the trend. At the moment, buyers need to confidently fix Bitcoin price above the range $9200-9400 to continue to grow with the update of the local high and the test of $10,500.
At the 4-hour timeframe, we see that the highest volumes concentration is at $8860:
This mark continues to be a critical point in Bitcoin market and with a strong correction, buyers should carefully defend this mark. After closing the last 4-hour candle, we see that buyers have faced resistance in the range $9800-9960, in which on 7 May Bitcoin price changed the local trend. We are not sure that buyers have enough strength to update the high without correction, so we expect a test of $9200-9400.
BTC’s dominance in the crypto market continues to grow:
Yesterday, Bitcoin reached 69.22% dominance, breaking the upper trend line of the triangle for a while. As we can see, the dominance of USDT is declining accordingly and other coins are losing their influence and are growing quite reluctantly with Bitcoin. Let’s see if buyers will work according to the old scheme, raising Bitcoin price first and then pulling up other coins.
Therefore, our main scenario is the continuation of growth in Bitcoin market to the level $10,500 through correction to the range $9200-9400.
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