- Bitcoin price shot above $10,400 for the first time in more than three weeks.
- BTC/USD retreat takes a breather above $10,000; bulls still have the potential to reclaim higher support above $10,200.
Bitcoin price shot above $10,000 for the first time since the first week of May. A day before halving, Bitcoin dumped massively to levels close to $8,000. Recovery had been lethargic in the last two weeks, with resistance first at $9,000 and later at $9,700. However, Monday’s breakout above $10,000 paved the way for a flash rally to $10,410 (June highs). In the last 12 hours, Bitcoin has retreated but defended the ground above $10,000.
Related reading: Cryptocurrency Market News: Bitcoin zooms past $10,000 as ripple’s ODL volume surges in Australia
At the time of writing, Bitcoin is trading at $10,105 while still facing increased selling activity. Bulls have the desire to pull above $10,500 hurdle but lack the catalyst or strength to sustain gains.
Looking at the daily chart, BTC/USD is likely to continue with declines targeting $10,000 in the short term. To avert the losses buyers have a task to keep the price above $10,100 and even pull above $10,200. A step past $10,200 would encourage more buyers to join the market for another run towards $11,000.
Meanwhile, the RSI retreating movement suggests sellers are gaining traction. On the other hand, the MACD ability to stay in the positive region displays a bullish picture, which means that bulls still have the potential to enact a reversal above $10,400.
BTC/USD daily chart
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