Bitcoin market update: BTC/USD bulls too timid to launch an assault on $11,000

Bitcoin is hovering above $10,600 following the reclamation of $10,000 support. While the recovery from the weekly lows around $9,000 was impressive, it is clear that the market is entering a state of indecision. The bulls seem to be afraid that a failed attempt on assaulting $11,000 critical level could culminate in a bears’ field day where $9,000 support is unlikely to be supportive and further losses could touch $8,500.

Meanwhile, BTC/USD is exchanging hands at $10,631 and fighting to stay in the green with daily gains of 0.9%. The price is hitting on the Bollinger Band 1-h upper curve. However, the most likely direction the price will follow is sideways.

Also Read: Indian Minister: No Official Ban on Cryptocurrencies in India Yet

Technically, levels are slightly positive but with a sideways inclination. The Moving Average Convergence Divergence (MACD) is holding tightly onto the mean line, although this is after it has corrected from levels around +258.37. The Relative Strength Index is ranging at 60 following a correction from 70.

The immediate downside is supported by the BB 1-h Middle, the 100 Exponential Moving Average (EMA) and the 50 Simple Moving Average (SMA) 1-h. $10,000 level will offer additional support in the case declines progress bit $9,500 and $9,000 are the major support areas.

BTC/USD 1-h chart