Why Bitcoin Price Can Hit $9K With Less Than 17 Days Before Halving

The price of Bitcoin (BTC) has been stagnating between $6,600 and $7,200 for a few weeks, but finally, a breakout occurred to the upside, which meant a 10% push towards $7,750. 

But Bitcoin is not the only cryptocurrency that has been showing strength as altcoins are also following suit with Cardano (ADA) jumping by 22% and Ethereum (ETH) by 16%. 

So what can be expected from the markets with just over two weeks before the halving for Bitcoin? 

Crypto market daily performance. Source: Coin360

Bitcoin breaks crucial $7.2K resistance but faces $7.8K next

The price of Bitcoin was stagnating between $6,800 and $7,300 for a few weeks, which made the price indecisive on which direction it wanted to go. The clear answer was given by a crucial breakout above the $7,300 resistance zone, as the chart is showing.

BTC USDT 4-hour chart. Source: TradingView

The price of Bitcoin held the $6,800 area earlier this week as support, after which it started to rumble up for a test of the resistances. These were then broken to the upside, which squeezed a massive amount of shorts out of the market. 

This squeeze resulted in a push towards the next resistance level at $7,700-7,800, as the chart shows.

Currently, a new range is defined for Bitcoin. The resistance is found at the $7,700-7,800 area, while the support is found between $7,275 and $7,350. As long as the price of Bitcoin remains above this support level, further upwards pressure and momentum are warranted, especially going towards the halving.

CME gap at $9,000 is still up for grabs 

BTC CME 1-day chart. Source: TradingView

The BTC chart from the CME Futures is providing data regarding “gaps.” These gaps are created during the weekend as CME futures are not open on Saturdays and Sundays. Gaps are often used as an additional narrative for traders to trade on, which makes the upside of the current market interesting.

The chart is showing a significantly large gap between $8,280 and $9,055, which is likely to occur at some point….

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