Bitcoin Price Analysis: BTC/USD Explosively Takes Down $9,000, How Nigh Is $10,000?


Bitcoin Futures Open Interest OKEx BitMex
Image Courtesy of Flickr

Bitcoin Price Analysis: BTC/USD Explosively Takes Down $9,000, How Nigh Is $10,000?

  • Bitcoin price soars above$9,000 as the bulls take the fight to $10,000.
  • BTC/USD must seek higher support above $9,000 to avert return to the $8,000 range and focus on breaking the hurdle at $10,000.

Bitcoin buyers are relentless in the fight to close the month of April above $10,000. In less than 24 hours, the largest cryptocurrency has added over $1,000. The break above $8,000 has been a major factor in the ongoing bullish frenzy towards $10,000. BTC/USD has majestically extended the price action beyond $9,000 while the next rendezvous is $9,500.

Meanwhile, the price is teetering at $9,175 following a 4.32% growth on the day. The main aim is to take down the seller congestion zone at $9,500 while clearing the path to $10,000. Bitcoin halving is less than two weeks away. Therefore, speculation regarding this event could continue to mount. This pre-halving rally could catapult Bitcoin above $10,000 while the post-halving rally would be unstoppable towards $20,000.

BTC/USD daily chart

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

From a technical perspective, the surge to $10,000 is likely to take place in the European session on Thursday. According to the Relative Strength Index (RSI), the ongoing bullish action is strong enough to keep the sellers at bay. Besides, a higher trading volume coupled with technical support as observed with the bullish divergence above the MACD, the $10,000 hurdle will soon be in the rearview.

However, it is essential to observe all scenario and possible outcomes. If a reversal ensure and Bitcoin starts to dump, tentative support is observed at $9,000, the 61.8% Fibonacci level of the last drop from $10,546 to a swing low at $3,856 (200-day SMA). Other key support areas include $7,800 and $7,400.

Bitcoin Intraday Key Levels

Spot rate: $9,175

Relative change: 387

Percentage change: 4.32%

Trend: Bullish

Volatility: High

 

Author: John Isige
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
Post your comment...
John Isige 673 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
Follow John @