Bitcoin Price Soars 42% to $10,500

The last 24-hours have been an absolute roller coaster for Bitcoin price.

Investors believed that a quick upside move to $7,700-$7,800 would occur and many expected that bears would open their short positions at the top of this range and eventually push Bitcoin price back down to the mid $7,000s or high $6,000s at worst.

Surprisingly, Bitcoin bulls gathered up enough steam for a final hurrah, and towards the evening of the U.S. trading session bull pressed Bitcoin price far above the $8,800 resistance to set a higher high at $10,540.

Bakkt's Bitcoin futures back to back all-time high volume achievements are also being cited as a reason for Bitcoin's surge.

Bitcoin stopped its advance right at a high volume node and a move above $10,542 should proceed toward $10,970 and $11,500, and then to $12,00, according to the daily chart.

If Bitcoin can clear $12,000 over the coming weeks, it's pretty much open air after that.

As shown by the chart above, barring some unprecedented price reversal, Bitcoin appears set for a pleasant weekly close above the descending channel.

Over the short-term, it is possible that Bitcoin could pull back to the upper arm of the descending channel at $9,360.

The same can be said for the Stochastic RSI. If Bitcoin has become oversold on the shorter timeframes, then the current spinning top candle is evidence of this.

If the rally does not resume shortly, most traders will probably observe to see whether Bitcoin consolidates and builds support before entering into new positions.