Price Analysis Summary:
- The bitcoin market blasted straight through the $10,000 price range in a rally that had bitcoin price testing the lower $11,000s before any meaningful selling took place. This rally was fueled by deeply underwater short positions that were liquidated and/or forced to close.
- We are currently sitting above a major milestone on the monthly level of $10,300 and a weekly milestone of $9,900. The weekly candle closes tomorrow. If we can close above these levels, that would be a majorly bullish statement. From there, we are likely to begin a new trading range on the macro market structure.
- If we fail to hold the monthly level at $10,300, we are likely to retest the weekly breakout at the $9,600 levels.
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