The toll of Bitcoin (BTC) has been stagnating between $6,600 and $vii,200 for a few weeks, but finally, a breakout occurred to the upside, which meant a x% push towards $7,750.

Only Bitcoin is not the only cryptocurrency that has been showing strength as altcoins are also following suit with Cardano (ADA) jumping by 22% and Ethereum (ETH) past sixteen%.

So what can be expected from the markets with just over two weeks before the halving for Bitcoin?

Crypto market daily performance. Source: Coin360

Bitcoin breaks crucial $seven.2K resistance but faces $7.8K next

The toll of Bitcoin was stagnating between $6,800 and $vii,300 for a few weeks, which made the cost indecisive on which management it wanted to go. The clear answer was given past a crucial breakout above the $7,300 resistance zone, as the chart is showing.

BTC USDT 4-60 minutes chart. Source: TradingView

The toll of Bitcoin held the $6,800 surface area earlier this week equally support, after which it started to rumble up for a exam of the resistances. These were then cleaved to the upside, which squeezed a massive amount of shorts out of the marketplace.

This squeeze resulted in a button towards the adjacent resistance level at $7,700-7,800, as the chart shows.

Currently, a new range is defined for Bitcoin. The resistance is plant at the $7,700-vii,800 surface area, while the support is found between $7,275 and $7,350. As long as the price of Bitcoin remains in a higher place this support level, further upwards force per unit area and momentum are warranted, especially going towards the halving.

CME gap at $9,000 is even so upwards for grabs

BTC CME i-day nautical chart. Source: TradingView

The BTC chart from the CME Futures is providing data regarding "gaps." These gaps are created during the weekend as CME futures are non open on Saturdays and Sundays. Gaps are oft used as an additional narrative for traders to trade on, which makes the upside of the current market interesting.

The chart is showing a significantly large gap between $8,280 and $9,055, which is likely to occur at some point. Alongside with the current gap construction, multiple other gaps are plant at the upside, as at that place are others, specifically at $10,100 and at $11,675.

Weekly reclaims the 100-Week MA for support

BTC USD 1-calendar week chart. Source: TradingView

The weekly chart of Bitcoin is showing a clear breakthrough in the 100-Week MA. Closing above the 100-Week MA would requite forcefulness to the market.

However, further upwardly momentum should exist warranted if the horizontal resistance level at $7,700 is cleaved to the upside. As the nautical chart is showing, further continuation towards $9,000 is on the tables if $7,700 breaks.

Full market place capitalization holds $190 billion support and faces next level

Full marketplace capitalization cryptocurrency one-day nautical chart. Source: TradingView

The total market capitalization cryptocurrency chart is providing a articulate view. The $190 billion zone has held as support, which was crucial for any further upwards momentum.

Currently, the total market place capitalization chart is facing the next resistance level at $220 billion. Breaking through this level would warrant further upwards momentum towards $235-245 billion for the cryptocurrency markets.

So what are the key back up levels now?

From the nautical chart, I'd like to run into $202-207 billion holds as back up, as that's the resistance the market place capitalization broke through. Once the market cap breaks below this level, further downwardly tests at $175 billion are back on the tabular array.

Altcoin market capitalization gained more than 100% in past weeks

Full altcoin market capitalization cryptocurrency one-solar day chart. Source: TradingView

The altcoin market capitalization is showing strength every bit the capitalization gained 111% since the big crash on Blackness Thursday.

Similar to the full market capitalization, a breakout in a higher place the green levels occurred in the past few days, resulting in upwards moves for several altcoins.

The side by side resistance to pause is the level of effectually $79-80 billion. Side by side, further upwards momentum is probable to occur towards $92-94 billion. However, losing the green levels and tests at $66 and $57.5 billion should be expected.

The bullish scenario for Bitcoin price

BTC USD bullish scenario four-60 minutes chart. Source: TradingView

Either way, both scenarios are quite uncomplicated, given that Bitcoin broke out of a sideways range. Every bit long equally the green levels around $vii,300 hold as back up, farther upwards momentum is in play.

Moreover, the halving narrative is also becoming increasingly important. Such a narrative could create FOMO (fear of missing out) and generate some more ownership pressure leading up to the event. Be enlightened, nevertheless, every bit such events typically end up in "buy the rumor, sell the news" fashion. In other words, a substantial rally going into the result with a selloff after the event should not be unexpected.

In any case, holding $7,300 every bit support strengthens the bullish case. The price of Bitcoin could be hovering around this range for a while before attacking either of the levels.

A breakthrough of the $vii,700 area would likely warrant further up momentum with targets of $8,500 and $ix,000 (as that's besides the CME gap).

The bearish scenario for Bitcoin price

BTC USD bearish scenario iv-hour nautical chart. Source: TradingView

The surly scenario is also straightforward. If the price of Bitcoin starts to rally towards the resistance but and so sees a selloff afterward, a temporary summit is likely to exist in. Particularly, since the $vii,700 expanse was the last level of defense before the Black Thursday BTC price crash.

If that level tin can't be reclaimed as support, lower levels must then be retested before the marketplace tin can regroup for any further upward moves.

Thus, a selloff resulting in a  retest of $7,250 and immediate rejection of $7,400 would exist a indicate for further downwards momentum with the adjacent targets at $6,800 and $vi,500.

The views and opinions expressed here are solely those of the writer and practise not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your ain research when making a decision.