Bitcoin price hits $10,000, eyes $10,500 next on a new bullish chart pattern

Bitcoin (BTC/USD) price hit the $10,000 mark yesterday for the first time since February as the buyers now fight to force a weekly close above the $9,000 resistance, paving the way for a trip to $10,5000 on a bullish chart pattern.

Fundamental analysis: Central banks facilitate a boost for crypto

Bitcoin price broke out higher in the anticipation of the halving event expected to take place this week. The event will cut the future bitcoin supply in half i.e. the miners will have their rewards drop from 12.5 bitcoin to 6.25 bitcoin per block. 

For some time now, numerous crypto analysts have argued that large money printing activities initiated by central banks will provide a boost to bitcoin and the crypto market in general. 

Following yesterday’s move, the cryptocurrency market capitalization has now jumped above $267 billion.

Technical analysis: Bull pennant in the making

Bitcoin has now cleared the major resistance around the $9,000 mark. A weekly close above this resistance area would set up a base for a potential move above $10,000. Also, any move back to the broken resistance area is likely to facilitate an opportunity to buy Bitcoin. 

Looking short-term, the price action is creating a bullish pennant on an hourly chart, which is a continuation bullish pattern that aims to extend the uptrend higher. For it to be activated, Bitcoin price must break above $9,900 with the chart pattern target measures at $10,500 (the purple trend line).

Summary

Bitcoin price broke above $9,000, which is a very important support/resistance mark for the digital coin. The bullish pennant, if activated, could help extend the uptrend to $10,500.