Bitcoin price rises to $10700, will it hold?

• Bitcoin price moves past $10700 only to head into another possible head and shoulder.
• Analysts believe that the cryptocurrency can hit new highs if the market remains calm.
• Confusion persists in market sentiment amidst the rising price.
• BTC price can sway in case of an unexpected market move.

The cryptocurrency market is now in a rally position after Bitcoin price finally broke past the $10500 resistance on the 14th of September. Although, the market is in a better position with the current Bitcoin high above $10700, but even the current high is over 13 percent lower than the 30-day high recorded at $12391 on the 18th of August 2020. Altcoins like Ethereum are now gaining price momentum and following the king of cryptocurrency, Bitcoin, however, the danger still loops over cryptocurrency market.

Bitcoin price hit the 24-hours high at the $10800 mark for a brief moment, but looking at the 5-day chart, it is also evident that the cryptocurrency is getting out of a head and shoulders movement and walking into yet another possible head and shoulder. At the time of writing, Bitcoin is trading in the $10700 – $10800 range, while the price currently stands at $10734.40.

Bitcoin price movement, what to expect?

Per the technical indicators on Trading View, the cryptocurrency price market is in a general buying state and that provides a good support to the market. On the other hand, the fear and greed index has not hit the greed factor yet. At the time of writing the score stands at a 40 neutral. Although the situation has changed from previously recorded indicators, on the sentiment charts it is still not very clear and the sentiments are giving mixed signals.

Trading view analyst Rocket Bomb explains the same situation in his analysis. Bomb explains that the price movement looks all set for a new high, or the traditional last quarter price high, but there is always room for changes. Per Bomb’s analysis, if the current calm in the market persists, Bitcoin is in for five to six thousand gains in price, but in case of an abrupt movement it could very well drop down.

In contrast, another Trading View analyst, Trading Axis, believes that the cryptocurrency has just completed a long term head and shoulders position on the six months chart. He finds the support levels persistent at the $10,000 mark, providing the base for the next run above $11,000. In such a run, the likely new high could be found at the $11,531 mark. The lowest support levels per Axis analysis stands at the $9504 mark.

Bitcoin has recently hit a hallmark after being declared the 6th largest currency used across the globe, and that speaks of massive adoption. While on the other hand, institutional investors have always played a part in sudden price movements.

Last, but not the least, Whale Alert is reporting that a $17 million transfer were just moved to a Binance account. Historically Bitcoin has been associated with Tether (USDT) transactions, therefore a dump can be expected. However, being an indirect dump, it is not very likely to effect Bitcoin price movement by a huge margin.

All in all, despite the differing opinions in the market, Bitcoin is set on the course for $11,000 price and only extreme factors such as, whale dump, sudden global market fluctuations, or another wave of pandemic are likely to keep the king from rocking.