Bitcoin Price Analysis: BTC/USD stalls under$10,000 and holds 50 SMA just 3 days to halving
|- Bitcoin price embraces support at $9,700 but lacks a catalyst to push past $10,000.
- Bitcoin halving presents massive potential for Bitcoin price rally as has been predicted by key industry figures.
Bitcoin has not been able to breach the key $10,000 level following a recent rejection at $10,120. On the downside, support has been established at $9,700. BTC/USD is trading at $9,807 at the time of writing. The prevailing trend has a bearish bias but bullish interest has not left the market in spite of the resistance at $10,000.
Bitcoin is only three days to its third block reward halving. Anticipated across the industry is a halving that could push Bitcoin price to new all-time highs. The halving process will greatly reduce the issuance of new coins into the market. Moreover, reduced supply as demand remains the same or increases is a perfect recipe for a rally. However, the rally is based on the past two halvings and how they impacted Bitcoin’s price. Since markets are dynamic, the current projections are just that; projections.
Bitcoin price technical picture
Investors have kept the buying interest high in spite of the rejection suffered above $10,000. This interest has kept BTC/USD afloat at the initial support ($9,700). However, the hourly chart clearly shows that selling influence is growing.
The RSI, for instance, is retreating farther below the average (50). The closer it gets to 30 (oversold region), the stronger the bearish grip gets. The same downward momentum is emphasized by the MACD’s slump to the mean level. The indicator also features a wide bearish divergence. In other words, we should get accustomed to Bitcoin under $10,000 as it heads into the halving.
BTC/USD 1-hour chart
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