Bitcoin breaks above the USD 10K for the first time in 6 weeks…It's about to start to gain momentum

For the last 24 hours, Bitcoin(BTC) showed bullish signal for short-term, breaking above the USD 10K level for the first time in recent 6 weeks. But, after recording the USD 10,150, its price was corrected, and currently trading at the level of USD 9.9K. Skew, a crypto derivatives tracker, suggested that approximately $50 million worth of Bitcoin short positions have been purged on BitMEX.

Investors are confident about their investment. Fear & Greed Index, provided by Alternative, recorded 55, maintaining 'Greed' level. In the index, a value of 0 means "Extreme Fear" while a value of 100 represents "Extreme Greed".

"BTC’s price action comes as the altcoin market has undergone an explosive breakout. Ethereum(ETH) is up by 40% for the past seven days, meaning that Bitcoin can start to show a greater move," reported NewsBTC.

"For the first time since January, more Bitcoin entered exchanges this month than left it, meaning that the cryptocurrency can be in the bull market," explained Decrypt, citing a report from Glassnoed, an on-chain data platform.

"BTC is likely to rally towards the USD 12K and USD 15K, after breaking above the USD 10K resistance line. Or, its price can fallen to the USD 9,300, and the market turn to be bearish," anticipated Michaël van de Poppe, a contributing writer of Cointelegraph.

"BTC is likely to see 'one last set of cycle lows' before rallying. And the cryptocurrency's price risks being fallen to the USD 6,000 or USD 7,000," warned some analysts, including Bob Loukas and TraderXO.

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