The price of Bitcoin (BTC) broke the psychological bulwark of $10,000 and is currently stabilizing to a higher place information technology. Not only Bitcoin has been showing force, but altcoins have besides been popping left and right. Is the bullish momentum back in the market place? Let's analyze the charts.

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Bitcoin cost hovering below a significant resistance

The cost of Bitcoin broke the psychological bulwark of $10,000. Still, the price is facing significant resistance: the $10,400 level. A breakthrough in this zone could make the price motility towards $11,000 and higher.

BTC USDT 1-day chart. Source: TradingView

BTC USDT one-day chart. Source: TradingView

However, would such a move exist natural in the current marketplace surroundings?

Bitcoin went from $6,900 to $ten,400 in vi weeks. Some consolidation would non exist unhealthy for the market, as that would requite the marketplace some space to accumulate and generate strength for farther upward momentum.

Investors should keep in mind that retracements will exist very short-lived. Dips are seemingly being bought up very chop-chop in bull markets equally we have seen in the past few weeks. One such example is last year's move during the rally of $3,100 to $thirteen,900.

BTC USD 1-day chart. Source: TradingView

BTC USD 1-24-hour interval chart. Source: TradingView

A few remarkable things tin can be spotted from this chart. The "major" levels are non being retested before continuation, leaving significant gaps and investors behind. Waiting for a retest of these levels could mean that you'd exist left backside before the big movement occurs.

Another anticipation is the size of the retracement. In this detail case, retracements were not larger than 21%. In 2022, the retracements were 25-30%. Conclusions can be fatigued that waiting for the "about obvious" level would most probable brand you end up beingness left behind.

Total marketplace capitalization facing the $300 billion barrier

The total market capitalization is also facing the concluding hurdle before another large move, similar to Bitcoin.

Total market capitalization cryptocurrency 1-day chart. Source: TradingView

Total market capitalization cryptocurrency i-day chart. Source: TradingView

The $300 billion level is an outstanding resistance and the last ane earlier the total marketplace capitalization can assail the $350 billion resistance. The nautical chart is as well showing a beautiful structure of support/resistance flips since the breakout of the seven-month-old downtrend.

Would it be healthy to see some consolidation on the total market capitalization? It would be. Levels worth watching for potential support expanse are the $275 and $285 billion regions, marked by the green rectangles.

Total market capitalization cryptocurrency chart. Source: Cointrader.pro

Total market capitalization cryptocurrency chart. Source: Cointrader.pro

The overall film of the total marketplace capitalization is showing a pretty clear new uptrend. The principal argument is found in the back up/resistance flip at $175 billion, which marked a higher low. Since then, the market capitalization has been moving upwards to $300 billion, seeking a new top.

Simply what is required for the continuation and more than confirmation of an uptrend? A new college high.

For that, the full market capitalization needs to suspension above $368 billion. However, the full market capitalization could test some back up levels before approaching this resistance area. Therefore, $250 and $273 billion volition exist the potential support zones before continuation.

If support is found and the marketplace breaks above $368 billion, the primary new resistance is seen at $568 billion and a smaller one at $463 billion.

Altcoin market capitalization showing impressive strength

Altcoin market capitalization cryptocurrency 1-day chart. Source: TradingView

Altcoin market capitalization cryptocurrency 1-day chart. Source: TradingView

The altcoin market capitalization chart is showing impressive strength as the market capitalization rallied from $52 to $112 billion in vi weeks, a surge of 115%. The altcoin marketplace capitalization is likewise currently facing the terminal hurdle before the adjacent big surge up.

If the altcoins can intermission through the resistance at $112-114 billion, continuation towards $140-145 billion is on the table. Even so, some retests of previous resistances before extension are not unhealthy.

When the market starts to make some corrective movements, I'd be watching the $100-103 and $93 billion levels as potential support zones before continuation. Just like with the total marketplace capitalization, the altcoin market capitalization is in an overall uptrend, where dips are being bought up.

The bullish scenario for Bitcoin

There are two bullish scenarios for Bitcoin in play.

BTC USDT bullish scenario. Source: TradingView

BTC USDT bullish scenario. Source: TradingView

The main bullish scenario would be a retest at $9,750-9,800 before continuation. Buyers accept to footstep in at that level to go on the bullish momentum.

But tin can the price of Bitcoin hold $9,750-9,800 (or fifty-fifty $ix,450)? That would exist great as that would mean another higher low is made and continuation to the upside is probable to happen. Continuation to the upside would hateful continuation towards $11,000 and, most likely higher.

Meanwhile, the CME chart is still providing a CME gap of $eleven,600, which is a significant indicator of the market. The next primary resistance after $10,400 is, therefore, found at $11,600-12,000.

However, does the market place grant such retests? Equally discussed, upwards trending markets don't see massive pullbacks. If something like this occurs, it usually ends up in a fast wick, after which the marketplace bounces support immediately. And such a test doesn't even have to occur. In fact, the toll of Bitcoin is currently seeing such potent bullish momentum that a breakthrough from current levels wouldn't be a surprise.

The surly scenario for Bitcoin

BTC USD bearish scenario. Source: TradingView

BTC USD bearish scenario. Source: TradingView

The bearish scenario is pretty straightforward. The price of Bitcoin needs to be rejected at $10,400, afterwards which a retracement towards $nine,500 should occur. If there are non many buyers stepping in, a weak bounce needs to happen with firsthand rejection at $ix,800 (a surly retest).

A bearish retest and weak bounce would be a point for downwardly continuation with the first targets being $viii,750. This surly scenario doesn't accept many arguments correct now, however, since the market is in an upwardly trend. Unless there are more than surly arguments starting to line up, I don't think we'll run into this scenario play out.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves run a risk. You lot should conduct your ain research when making a conclusion.