Bitcoin Price Analysis: The bulls are in touching distance of 10K

Bitcoin is the clear outperformer in the crypto market on Thursday rising 7%.
The price is heading to the massive 10K psychological level.

BTC/USD daily chart

Ahead of the big halving event next week the bitcoin bulls are out in full force. The price is trading 7% higher on the session and a stone's throw away from the 10K level.

Looking closer at the chart we can see that the black trendline has been taken out in a very classic technical move. It could be retested in the medium term if the 10K level acts as a resistance zone but only time will tell.

The price is also trading above the 200 simple and 55 exponential moving averages, which is clearly a bullish sign. The relative strength index indicator is also in a very overstretched overbought position. This could indicate a pullback is on the cards.

If the level does get taken out lookout for the resistance zones above the current price. The next one up is the blue 11K level. The price has used this level a few times so it does have some significance. The main high is 13,862.09 this is the highest point on the chart and the potential target if the bulls gather some serious momentum from here.

Additional levels

BTC/USD

Overview
Today last price	9788.66
Today Daily Change	629.96
Today Daily Change %	6.88
Today daily open	9158.7

Trends
Daily SMA20	7963.64
Daily SMA50	7167.05
Daily SMA100	8006
Daily SMA200	7989.86

Levels
Previous Daily High	9415.01
Previous Daily Low	8922.89
Previous Weekly High	9476.83
Previous Weekly Low	7491.5
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	9227.02
Daily Fibonacci 61.8%	9110.88
Daily Pivot Point S1	8916.06
Daily Pivot Point S2	8673.41
Daily Pivot Point S3	8423.94
Daily Pivot Point R1	9408.18
Daily Pivot Point R2	9657.65
Daily Pivot Point R3	9900.3

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