As Bitcoin price stalled at $9,300 again, altcoins capitalized on the sideways price action to rally to new multi-year highs.
Within the last few hours Bitcoin (BTC) price pushed above $9,300 after struggling to hold the $9,300-$9,400 level for the past three days.
The move was accompanied by a notable surge in purchasing volume which is exactly what is needed given that on July 6 and 7 the Bitcoin price formed a tweezer top and rejected at $9,374.
Crypto market weekly price chart. Source: Coin360
Currently the price trades slightly above the 20-MA and the descending trendline from the local high at $10,377 on June 1 but Bitcoin’s failure to hold the $9,300 level means that a shot at $9,600 remains out of reach.
BTC USDT daily chart. Source: TradingView
Aside from the need for Bitcoin price to set a higher high above $9,374, the VPVR shows a high volume at $9,450 so bulls are not out of the woods yet.
Traders will be watching to see if the price can secure a 4-hour close above $9,300 and if Bitcoin can push through the $9,450 level then a surge to $9,600 is likely.
If Bitcoin price fails to hold $9,300, the 4-hour time frame shows support at $9,225 and below this at $9,000.
Bitcoin daily price chart. Source: Coin360
As Bitcoin price slowly worked its way through resistance to $9,300, a handful of the top-50 altcoins posted strong double-digit gains. Cardano (ADA) reached a new 2-year high by rallying 26% to $0.13.
According to CoinMarketCap, the overall cryptocurrency market cap now stands at $271.3 billion and Bitcoin’s dominance rate is 63%.