Bitcoin price soared to $ 8,600, and the altcoin market became active again

On March 23, the Bitcoin (BTC) price unexpectedly rose to $ 9,900 after stabilizing at around $ 9,650 for nearly two days – this impressive increase made in just 30 minutes, recording the highest level. is 9,945 USD.

This rapid 2% increase from $ 9,700 has liquidated a long position worth $ 15 million on BitMEX, as margin traders have ignored their positions for the past one or two days when Bitcoin started to stagnate.

Bitcoin has surpassed $ 9,900, leaving many questions to follow

When the move took place, in part because today was Sunday, analysts had yet to respond to price action, although there were some who tried to extrapolate the 2% increase. What does it mean for its short-term outlook.

Mexbt, a well-known trader, noted that BTC has broken out of the short-term uptrend triangle in the recent move, whose goal is to measure around 10,220 – 3.2% of the current price.

Notably, BTC has yet to confirm a four-hour close to the ascending triangle Mex Mex drew, although it is likely it will create Bitcoin for such a move.

There is also a chart from another famous analyst, Josh Rager. In this chart, the analyst mainly implies that BTC can head towards the top of the range just above $ 10,100. A close above this range could set the stage for a move to a new high above $ 10,500.

In addition, Trader HornHairs wrote that Bitcoin is currently resisting strong resistance at $ 9,900, the Monday high in the weekly opening session. Even so, he commented that as long as $ 9,500 remains intact daily and weekly, he will tend to propose a move to $ 10,200, then up to $ 11,000 will take place in the coming weeks.

“Again, as long as the weekly support is $ 9,500 and the price structure is above 1D, I hope to bullish to $ 10.2k and then to $ 11k.

Until $ 9,500 breaks with 1D, life will blossom. ”

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