The most notable thing about the Bitcoin (BTC) market the past few months is how remarkably stable it has been. Indeed, Bitcoin (BTC) has been so stable that there have been plenty of times over the past few months that stocks were more volatile than the Bitcoin (BTC) market, which is a complete reverse from the regular situation where Bitcoin (BTC) is more volatile than stocks.
Now the Bitcoin (BTC) market has finally made a decisive move, rising from $9,100 to just over $9,600 the past several days. This is actually the swiftest upward movement for the Bitcoin (BTC) market in well over a month.
The question is, will Bitcoin (BTC) be able to break through the $10,000 resistance level this time, or will Bitcoin (BTC) once again be beaten back at that level?
Indeed, Bitcoin (BTC) has been capped near or below $10,000 since September 2019. Every time Bitcoin (BTC) has approached or even slightly exceeded the $10,000 level, such as in October 2019, February, May, and June, Bitcoin (BTC) has ultimately reversed course.
Considering this, despite the decisive upward nature of the Bitcoin (BTC) market currently, there is certainly no guarantee that Bitcoin (BTC) will break $10,000, and even if Bitcoin (BTC) does break $10,000 it will have to rise to $11,000 before it is certain that Bitcoin (BTC) has broken beyond long term resistance.
That being said, if Bitcoin (BTC) can truly crack through $10,000, then it would likely signal the beginning of the long anticipated post-halving bull run, and a rally to $20,000 and beyond would be quite possible.