Bitcoin has seen an extraordinary performance during May 2019 as price action managed to increase by a total of over 70% from low to high during the month. At one point, the cryptocurrency even managed to surge to a high above the $9,000 level before breaking back beneath to where it currently trades around the $8,560 level.

Source: CoinMarketCap

The next Bitcoin breakout above $9,000 has the potential to cause another price run higher that will lift Bitcoin up to the $10,000 level. In this article, we will take a look at the resistance Bitcoin will have to overcome before reaching the $10,000 level.

Bitcoin has now seen a remarkable 121% price increase over the past 3 months, allowing its market cap to climb above the $150 billion level to where it currently trades at around $151.8 billion.

Bitcoin Price Analysis

BTC/USD – MEDIUM TERM – DAILY CHART

What Has Been Going On?

Analyzing the daily BTC/USD chart above, we can see that during the middle of May 2019, the market established an ascending triangle pattern with the resistance at the $8,265 level. We can see that toward the end of the month, Bitcoin broke higher to reach the resistance at the $9,000 level.

Bitcoin is now trading comfortably at the $8,560 level.

Where Is the Resistance Toward $10K?

If the buyers can start to cause Bitcoin to rise higher once again, we can expect immediate resistance above the market to be located at $8,600, $8,888, and then at $9,000. If the bulls can clear the $9,000 resistance level, further higher resistance is then expected at $9,200.

Above $9,200, we can expect more resistance at the short-term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue), priced at $9,236 and $9,810, respectively. If they can clear these levels of resistance, they will be free to make an attempt at the $10,000 target level.

Where Is the Support Beneath the Market?

Alternatively, if the sellers continue to push the market lower, we can expect strong support beneath the market at $8,490, $8,265, $8,000, $7,995, $7,419, and $7,000. For the bullish trend to be considered invalidated, we would need to see Bitcoin drop beneath the $7,000 level.

Conclusion

If the bullish run for Bitcoin can continue to clear the $9,000 resistance level during June 2019, we can expect the surge to lift Bitcoin toward the $10,000 level. To reach $10,000, Bitcoin will need to increase by a total of 17% from the current price level.