Indeed, Bitcoin (BTC) just reached five digits. The top cryptocurrency just crossed $10,000 to print a high of $10,176 in early hours, the highest since October.
Fundamental investment activity is backing the breakout, said the partner at Adaptive Capital Willy Woo. The figure appears sustainable with the improvement on on-chain fundamentals.
The surge increased the cryptocurrency’s market cap to $183 billion with a year-to-date increase to 41 percent. As of today, it’s up by more than $3,500 from December lows of $6,425.
Bitcoin has been climbing up from below $7,000 in early January with a steady uptrend in regular low-volume pullbacks.
The currency was rejected from $10,188.97, which showed bears defending overhead resistance at $10,360.89. The bears can drag it to the 20-day EMA at $9,600 but buyers could step in to defend the price.
If, however, the bears shrink the price below the expected projection, investors can expect a drop to $9,097.15. The traders can then book partial profits at the current levels to keep stop-loss on long positions at $190.
Altcoins Outperforming Bitcoin
Meanwhile, top alternative cryptocurrencies are outperforming Bitcoin, slipping its overall dominance down 64 percent.
Ethereum (ETH) is on its highest level since August with a 78 percent gain on a year-to-date basis. It currently trades at $230.
Litecoin (LTC), EOS, and Binance coin (BNB) are up to 70 to 90 percent on the other hand. Bitcoin Cash (BCH) and Bitcoin SV (BSV) both skyrocketed 120 percent and 250 percent, respectively.
BCH trading $450 shows that demand is drying up at higher levels with bulls closing positions short-term. If the BCH/USD pair doesn’t keep moving upward, short-term traders can drag support down to $400.
The bulls pulled BSV to lifetime highs at $458.74, resuming the uptrend above the triangle on Feb 8. If the bears manage to pull it below $337.80, it could reach a drop to the 20-day EMA at $293.2.
Contrarily, if the price dips below the 20-day EMA, the exchange could drop to $236. Support could hold the range bound between $236-337.80 for a few days.