The toll of Bitcoin (BTC), the elevation-ranked cryptocurrency by market capitalization, has been hovering below the psychological barrier of $10,000. The halving didn't give the market what they expected as the bulk was anticipating a farther decline in the cost post-halving.

What's adjacent for the crypto markets? What can be expected from the price of Bitcoin if $x,000 is broken to the upside?

Crypto market daily operation. Source: Coin360

The price of Bitcoin stabilizing in a wide range

BTC/USD i-twenty-four hour period chart. Source: TradingView

The price of Bitcoin has been hovering in a broad range, since the beginning of this month. The range resistance is structured at $9,850–ten,300, while the range support is constitute at $8,200–8,500.

The BTC price is currently range-spring without a clear direction, which is contrary to what many expected to happen later on the tertiary halving in Bitcoin's history that happened on May 11.

Before the issue, expectations were a continuation of price rallies every bit the FOMO and hype started to rise. However, right before the halving, the price dropped towards the range support with a severe crash of $ii,000.

Many were anticipating a further decline in price post-halving, but the contrary occurred. The price of Bitcoin rallied back towards the $x,000 resistance, closing a giant CME gap. However, there'due south withal an open CME gap at $9,435 on the charts.

BTC CME futures 1-hour nautical chart. Source: TradingView

The futures chart is showing an open up gap, which is ready to be filled. If you check the higher time frames, it looks like the gap is filled, every bit the candles overlap. However, on the one-60 minutes timeframe, an open gap remains to be filled on the charts.

Alongside the open gap, is the halving hype still in that location? The hype is slowly fading away as some altcoins have been showing forcefulness recently while Bitcoin price pulls back.

Resistance needs to break in society to proceed moving upwardly

BTC/USD 4-hour chart. Source: TradingView

The structure on the 4-hr timeframe is quite clear. The cost of Bitcoin is acting within a resistance expanse with a rising wedge forth the manner. Alongside with these arguments, the volume has been dropping heavily in the recent movements. A reject in volume is a sign of weakness.

Therefore, brusk-term, down is more likely than up. And yes, that retracement is quite healthy, as the toll of Bitcoin has rallied by 160% since the Black Thursday crash on March 12.

Total market capitalization is showing strength on the daily timeframe

The total market capitalization is showing strength equally the 100-day, and 200-day moving averages (MA) are back acting as support. These are crucial indicators, every bit these MAs take been providing support throughout the entire previous bike.

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

Moreover, the support of 2022 has also flipped to get support once again — a vital level that's comparable to the crucial barrier of $6,000 for Bitcoin.

Another exciting fact is an increase in volume on the chart. An increment in volume indicates accumulation, which is only strengthening the potential upward rally.

The bullish scenario for Bitcoin

BTC/USD bullish scenario one-twenty-four hours chart. Source: TradingView

The bullish scenario is straightforward. Equally long every bit the cost of Bitcoin remains in a higher place the $9,300 area for support, further upwards momentum is expected. The more oftentimes a cost tests the upper resistance of $10,000–ten,300, the weaker this resistance gets. This level has already been tested two times.

What targets tin can exist determined from the charts? A clear breakout in a higher place $10,300 can upshot in a continuation of $11,000 and most probable $xi,500. The $11,500 level still has an open CME gap from August 2022 that hasn't filled yet. Hence, if Bitcoin'south toll breaks to the upside, it's likely to see a continuation towards that area.

The surly scenario for Bitcoin

BTC/USD bearish scenario 4-60 minutes chart. Source: TradingView

The surly scenario is as discussed previously. The price of Bitcoin remains below the resistance area with failing book. The structure is also called a ascension wedge.

Normally, the sentiment starts to ameliorate as the price is moving up. However, as the nautical chart is showing, it's time to get slightly cautious well-nigh such a move. The hype around the halving is decreasing and more sideways action could exist in order.

There's likewise yet an open up CME gap at $9,435 to be filled. If the price of Bitcoin loses that level, the adjacent major support is found at $viii,200–8,500, which tin also be seen on the daily timeframe.

BTC/USD surly scenario 1-day chart. Source: TradingView

The daily time frame is showing that the toll of Bitcoin is interim above the 100-mean solar day and 200-day MA. That'south a bullish outlook. However, in the short term, a bearish corrective move is not unhealthy for the market.

The level to keep an center on include the range low around $eight,200–$8,500, which perfectly lines upward with the 100-day and 200-day MAs, every bit they should crawl upwards to these support levels.

One time the cost of Bitcoin loses these MAs, there'south some existent trouble for the market, with further corrections becoming more likely.

The views and opinions expressed hither are solely those of the writer and do non necessarily reflect the views of Cointelegraph. Every investment and trading movement involves hazard. You should conduct your ain research when making a decision.