- 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
 (23)-637245994578696109.png)
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Litecoin Price Prediction: LTC tries to retake $100 resistance as miners halt sell-off
Litecoin price grazed 105 mark on Monday, rebounding 22% from the one-month low of $87 recorded during last week’s market crash. On-chain data shows sell pressure among LTC miners has subsided. Is the bottom in?
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin price struggles around $95,000 after erasing gains from Friday’s relief rally over the weekend. Bitcoin’s weekly price chart posts the first major decline since President-elect Donald Trump’s win in November.
SEC Commissioner Hester Pierce sheds light on Ethereum ETF staking under new administration
In a Friday interview with Coinage, SEC Commissioner Hester Peirce discussed her optimism about upcoming regulatory changes as the agency transitions to new leadership under President Trump’s pick for new Chair, Paul Atkins.
Bitcoin dives 3% from its recent all-time high, is this the cycle top?
Bitcoin investors panicked after the Fed's hawkish rate cut decision, hitting the market with high selling pressure. Bitcoin's four-year market cycle pattern indicates that the recent correction could be temporary.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.