3 Reasons Why Bitcoin [BTC] at $10,100 is a Critical Point of Interest for Traders

By Nivesh Rustgi
Published February 10, 2020 Updated February 10, 2020
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3 Reasons Why Bitcoin [BTC] at $10,100 is a Critical Point of Interest for Traders

By Nivesh Rustgi
Published February 10, 2020 Updated February 10, 2020

Bitcoin [BTC] continues to cement on the bullish sentiments as it breaks and hold above $10,000 with a gradual uptrend. The price logs five consecutive green candles with a weekly gain of 9.06%.

The weekly closing was above highs around September; a 20-week high. The price of Bitcoin at 3: 00 hours UTC is $10,117.

btcusd weekly chart
BTC/USD 1-Week Chart on Bitstamp (TradingView)

The current price marks the mid-range between the highs around $14000 and lows at $6400. Apart from marking the weekly closing ($10,170), the region between $10,100-$10,200 is of considerable importance technically.

Leading chart analysts Cantering Clark and Josh Rager also talked about the significance of current levels w.r.t. trading volume. Clark tweeted,

Right at that 3M range POC and what was the most agreed upon fair value for that period.

I expect 10.5k but I also expect 9.5k again at some point.

If I was climbing a rock wall I would want to constantly re-anchor. Same Idea with assets, build a base. $BTC

The area around $9,500-$10,500 marks the highest area of supply and demand (volume profile) w.r.t to the previous range.

btc price analysis
Bitcoin Price Analysis (Source: Twitter)

Hence, a clean break above $10,200 seems critical for the bulls at the moment. Above $10,500, there are no resistances until $11,200.

However, there are chances of a pullback to the $9,400-$9,600 area. While the overall outline continues to be bullish, the liquidity of the bulls can be used to take on flash drops.

Nevertheless, as the trend remains bullish, traders will be looking for opportunities to buy dips. Moreover, the $10k level also marks a pivotal point of psychological interest.

The price will look to build a range above current levels after topping out in the near future or form range between $9600-$10,200.

Do you think there is more fuel to the uptrend or a it will be a bloody Monday? Please share you views with us. 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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