Many have witnessed how Bitcoin (BTC) was locked in the bearish area in the past two years. However, it’s now about to enter the bull market based on the momentum and long-term signaling momentum.

At the time of writing, BTC was trading at $8,764 and tested the resistance level of $8,793. If you’ll remember, the crypto asset had reversed from the aforementioned level on January 22th.

Once the bulls successfully push the price through the $8,793 level, BTC could shift to $9,000 200DMA. However, there’s a $8,530 support level, so the crypto needs to re-test the $8,300 levels.

Bitcoin Is Poised to Enter the Bull Market Officially

Bitcoin gained a great weekly close, so the bulls are now preparing to push its price to $9,000 level or even higher.

Some crypto experts suggest that once the price of Bitcoin is being sustained above the resistance level of $8,650, a rally to $8,800 region is possible. After that, the crypto asset will set the daily lower high and further run at the $9,200 level.

Though the traders are attempting to break the price of BTC through the $9,000 mark, the $8,963 level remained to be a sticking point. Then, there’s an increased purchasing volume while the 6-hour timeframe has seen with RSI effort in pushing above the 72-region due to continued bullish action on MACD histogram.

According to the daily chart, BTC is set to reach a fresh daily higher high that is slightly above the $9,200 mark. In the case that the BTC bulls successfully pushed the price above the $9,230 level, it means for a $9,500 rally. Then, the next areas will be above $9,500, $9,600, $9,963, and $10,538.

Considering the long-term market structure of BTC on the daily chart, the $9,119.85 level should be sustained above. The said level act as strong level since July 2019, which means that if the bulls can tumble that resistance level in supporting the price, it will result to a solid trend reversal. Aside from that, it can reduce the possibility of price drop under $8,000 level in the near term.

Furthermore, the $9,119 marks are also near the Fib retracement degree of 36.2% from a $13,800 price drop on June 26th. A number of traders consider that the Fib retracement degree to be as important as a $61.0% level.

What Are the Levels That Require to Be Breached Before the Bullish Action?

Most of the indicators suggest that Bitcoin’s bearish market is about to end. However, the crypto asset is required to contend a few significant levels as well as overcome to start a full bull run.

According to seasoned analysts, BTC has to reclaim highs above $10,000 market in the weekly price charts. Once it reached above that level, BTC has to content with the $14,000 resistance level.

Overall, if Bitcoin successfully reached those levels while having a MACD momentum behind them, then it will likely to target its previous all-time high in the near future.