The demand for the most popular cryptocurrency has pushed Bitcoin price past the critical $10,000 price level. If this price turns out to be a support, then the price of Bitcoin could be heading towards $12,500.
Bitcoin’s price is back to bullish once again as it breaks past the critical $10,000 resistance. If BTC price history can repeat itself, then the price of the largest cryptocurrency by market cap is braced for a surge towards the $12,500.
Bitcoin’s price action breaking out
Since the cryptocurrency market crash on March 12, BTC’s price action has been restricted to the mounting side-by-side channel. Every time BTC’s price action hits the top boundary of this channel, it plummets back to the bottom of the boundary and vice versa.
Nevertheless, the bulls seem to have stepped into the bottom line after the most recent rally. In the meantime, one would expect Bitcoin to progress more to the center or the top of the boundary channel.
According to Into The Block’s “In/Out of the Money Around Price” (IOMAP) model, positive momentum to the uppermost part of the channel is imminent. Based on this on-chain metric, there are not any substantial barricades that would block positive momentum above the current price levels.
On the other side, IOMAP researchers suggest that there are adequate supply walls to suck up any sliding pressure. In particular, the one in between $9,270 and $9,580, where approximately 1.6 million addresses are holding more than 1.2 million BTC bought at the mentioned price tags.
Fear and Greed Index
Furthermore, the latest price surge has sent investors into ‘Greed’ according to data by the Fear and Greed Index. This significant indicator examines the general public sentiment based on the price and social media data and combining it into a single figure.
For the first time since early May, the Fear and Greed Index indicated 56 (Greed) when the price of Bitcoin was nearly the same levels. Greed is basically not a good signal for BTC though. “Be fearful when others are greedy and greedy when others are fearful.”
