fxs_header_sponsor_anchor

Bitcoin Price Analysis: BTC/USD bulls need a time-out before another assault at $10,000

  • Bitcoin recovered from the intraday low, but the upside momentum is weak.
  • BTC/USD needs to recover above $10,000 to attract new buyers.

Bitcoin regained ground after a sharp sell-off below $9,400 on Monday, which is a positive signal. At the time of writing, BTC/USD is changing hands at $9,650, mostly unchanged both on a day-to-day basis and since the beginning of Monday. 

On the intraday charts, BTC/USD is moving within the upside trend with the critical support created by a combination of 1-hour SMA50 and SMA100 at $9.570. This area attracted new buyers and helped to create a bullish momentum after the sell-off. The next resistance comes at $9,800. Once it is out of the way, the upside is likely to gain traction with the next focus on the psychological barrier $10,000. BTC/USD stopped short of this ultimate bullish target during early Asian hours, but the upside momentum failed to gain traction. 

BTC/USD 1-hour

Once $10,000 is out of the way, $10,200 will come into view, followed by $10,500. BTC/USD may enter a consolidation phase on approach to this level as it stopped the recovery in February.  While the overall trend remains bullish, a flat RSI on a daily chart implies that BTC may stay range-bound for the time being.

BTC/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.