Investors in Bitcoin (BTC) take seen a tremendous week, every bit the toll of the top-ranked cryptocurrency rallied from $seven,500 to $ix,500. A rally of $ii,000 in just a matter of a week.

Is this halving FOMO? Sustainable growth? All questions are arising in the recent movements, simply overall a solid week for Bitcoin and crypto. What can the markets wait from here?

Crypto market daily performance. Source: Coin360

Crypto marketplace daily performance. Source: Coin360

Bitcoin touches a crucial resistance level and rejects

The price of Bitcoin held the $vii,600 level for back up throughout the beginning of the calendar week and momentum picked up after breaking $7,800.

The rally of Bitcoin ended at the significant resistance cake between $ix,200-nine,500. Why did it cease there? This whole resistance zone provided support throughout the summer of 2022.

BTC USD 1-week chart. Source: TradingView

BTC USD 1-week nautical chart. Source: TradingView

Aslope with the horizontal resistance zone, the CME futures chart showed a clear CME gap between $eight,200-9,055, which airtight during the given rally.

The chart is also showing back up levels of $7,800 and $6,600 that could exist tested if the toll of Bitcoin retraces.

BTC USD 1-day chart. Source: TradingView

BTC USD 1-day chart. Source: TradingView

At the same fourth dimension, the daily nautical chart of Bitcoin is showing clear levels of back up and resistance. The range has resistances at the $nine,200-9,500 area, and the back up levels are found at $8,200-8,400 and $7,800.

The structure is pretty straight-forward. The price was rejected hard from the $9,500 expanse every bit a $1,000 crash occurred in a thing of hours. Such a dropdown marks the confirmation of a strong resistance area with sellers clicking the sell button in this zone.

BTC USD 30-min chart. Source: TradingView

BTC USD xxx-min chart. Source: TradingView

The xxx-minute chart is showing a clear picture of the contempo movements. Normally, I wouldn't utilize these smaller fourth dimension frames inside an commodity. However, with the recent volatility, these lower time frames can perhaps better place a structure on the chart than the larger time frames.

Therefore, the chart is showing a clear rejection at the $9,400 expanse, after which a crash of $1,000 occurred. The chart shows a back up area effectually $viii,400 as the cost of Bitcoin compressed there merely before the large surge happened, making it a key price point that may serve as significant support.

As the chart shows, the price bounced from the $8,400 area and rallied towards $9,000. Here, the same pinch occurred, which is now acting every bit resistance whereas $8,400 is a support level suggesting the establishment of a potential new range for the coming period.

Total marketplace capitalization cryptocurrency touches $260 billion

Total market capitalization cryptocurrency 1-day chart. Source: TradingView

Total marketplace capitalization cryptocurrency i-mean solar day chart. Source: TradingView

The total market capitalization shows a clear breakout above $220 billion, which triggered a rally. The resistance levels were found at $235, $246 and $260 billion. The start two levels were passed in ane-go, later which the market capitalization was rejected at $260 billion.

The same structure is establish here as for Bitcoin. Support levels are institute at $235 and $218-220 billion, which is classified every bit the low of the range. The resistance levels are found at $246 and $260 billion, as these are the highs of the range. One should now look some consolidation earlier whatever further volatility after such a breakout.

Bitcoin dominance rallying up going into the halving

BTC Dominance 2-day chart. Source: TradingView

BTC Authorisation 2-day chart. Source: TradingView

Meanwhile, the Bitcoin dominance alphabetize has been rallying upwardly the past week. That's normal, equally people are selling their altcoins to mitigate losses against the BTC pair despite gains in USD.

Equally the nautical chart is showing, the authorisation level is approaching a pregnant level. If the dominance rallies further above 67.50%, a further dropdown of the altcoins tin be expected.

Is that a strange point? No, as the Bitcoin halving is now ten days away, the spotlight is fully on BTC. However, when the focus goes abroad, money should easily menses back to altcoins, giving them a chance to catch upward to BTC.

The bullish scenario for Bitcoin

BTC USD 30-minute bullish chart. Source: TradingView

BTC USD 30-minute bullish chart. Source: TradingView

The bullish scenario and bearish scenarios are pretty piece of cake to gather from the charts. For a bullish continuation, the price of Bitcoin needs to hold $8,600 (though tests of $viii,400 as further range lows are possible).

Thus, a articulate breakthrough of $nine,000 is the side by side hurdle to clear — where the price of Bitcoin was rejected yesterday — and open the door for a continuation of the rally.

As the chart shows, flipping levels would be a pivotal trigger to lookout for. Breaking and holding the $ix,000 level for back up warrants a continuation towards $9,300-9,400 and opens the road to $10,500 with enough momentum.

The bearish scenario for Bitcoin

BTC USD 30-minute bearish scenario. Source: TradingView

BTC USD 30-minute bearish scenario. Source: TradingView

The surly scenario is identical to the moves the price saw yesterday. Once the price of Bitcoin can't pause above $ix,050-9,100 and doesn't hold $9,000 back up, information technology'southward likely to await further downwards momentum.

The central levels to sentry are establish at $8,200 and $viii,350-8,425, as the chart shows.

Traders should likewise exist aware of a potential "buy the rumor, sell the news" scenario for the halving of Bitcoin. For example, the price of Bitcoin peaked iii weeks before the terminal halving and resulted in a significant crash afterward the halving occurred.

Like scenarios were also seen around the halving of Litecoin (LTC), the seventh-ranked cryptocurrency by market place cap. Hence, if the price of Bitcoin can't repossess the $ix,050-nine,100 area, a further retracement of Bitcoin to potentially $7,800 or lower should not come as a surprise.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should carry your own research when making a decision.