Cryptocurrency market update: Cryptos enter a new bullish phase – Bitcoin leads recovery

Bitcoin was the best performing cryptocurrency during the weekend trading where it zoomed above $9,000 and rose to the highest level in the last year. The entire marketed reacted to Bitcoin’s surge by correcting upwards following an entire week of consolidation.

The market capitalization grew significantly from $264 billion posted on Friday last week to $283 at the close of the trading on Sunday. The awoken altcoins are also adding to the growth on Monday with the market cap still ring at $284 billion. Bitcoin’s market cap increased as well from $154 billion to $162billion in the same period. The surge is also supported by rising trading volume which has increased from $19 billion to $21 billion at the time of writing.

Bitcoin technical picture

BTC/USD is seen trading at $9,200 after retracing from the new yearly highs around $9,392. Short-Term support has been established at the 100 Simple Moving Average (SMA) $9,133 and continues to hold the price as gains consolidation continues. It is believed that a break above $9,400 will open the road towards $10,000. In fact, a popular analysis on Tradingview, MagicPoopCanon says Bitcoin could technical trend towards $13,500:

“If we don’t surpass 9100, then we obviously aren’t going to 13500. Furthermore, there are several big resistance levels before 13500, and any one of them could act as resistance — particularly up to 10000.”

The analyst explained:

“With that said, it is extremely likely that if we surpass 10000, BTC is going to absolutely RIP higher. There are virtually no sell orders above 10K. The sky is the limit from there, but I think a rally above 10K will likely be capped off around 13500.”

BTC/USD 15-min chart