Bitcoin Price Analysis: BTC/USD Consolidates, Is $10,000 Achievable Before July?

By John Isige
Published June 22, 2020 Updated June 22, 2020
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Bitcoin Price Analysis: BTC/USD Consolidates, Is $10,000 Achievable Before July?

By John Isige
Published June 22, 2020 Updated June 22, 2020
  • Bitcoin price bounces off newly established support at $9,200; eyes glued on $9,400 and $9,600.
  • BTC/USD technical picture is improving ahead of a potential falling wedge pattern breakout.

Bitcoin price has in the last seven days managed to hold above $9,000. However, the upside has been limited under $9,600, making $10,000 seem like a mirage for investors. Last week Monday saw Bitcoin plunge below $9,000, to the extent of testing the area at $8,900. The recovery that took place failed to gather enough momentum to sustain gains above $9,600.

The consolidation witnessed in the last seven days established support above $9,300. Glancing higher, $9,500 is an area with known bearish congestion. BTC/USD is currently trading below $9,400. There is a bullish momentum that is building and aiming for a breakout above $9,400.

Falling Wedge Pattern Breakout In The Offing

BTC/USD price has also stepped above the 38.2% Fibonacci level taken between the last swing of $10,435 to a swing low of $8,635. Standing in the way of a falling wedge pattern breakout is the 50 SMA on the 4-hour chart. However, if the bulls continue with the current push for a position above $9,400, then a wedge breakout is likely to come into the picture.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Consequently, the Relative Strength Index (RSI) momentum shows that Bitcoin is in the hands of the bulls. The RSI is moving towards the overbought region while the Moving Average Divergence Convergence (MACD) puts emphasis on the building bullish momentum. As long as the technical picture continues to strengthen, $10,000 could be achievable for Bitcoin in the near term.

Bitcoin Key Intraday Levels

Spot rate: $9,366

Relative change: 77

Percentage change: 0.84%

Trend: Bullish

Volatility: Shrinking

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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
John Isige
1154 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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