Bitcoin Price Analysis: BTC/USD Spikes Above $9,800, Is $10,000 The Next Stop?
- Bitcoin price renews the trend towards $10,000 after reclaiming the ground above $9,800.
- BTC/USD is trading within the confines of an ascending channel whose support remains key in the fight to $10,000.
Bitcoin bulls have been keen on pulling the price above $10,000 in spite of the lock-step trading experienced this week. First, there was a massive breakout above $10,000 to the extent that Bitcoin jumped above $10,400. However, due to the lack of enough volume, there was no follow up. Instead, the bulls started playing defense mechanisms to keep the price above $10,000. Unfortunately, they were overpowered by the bears, culminating in a slide to levels marginally above $9,300.
Recovery in the last few days has not been rapid and quick but it has been steady. BTC/USD is now trading at $9,777. There has been a minor retracement from the intraday highs at $9,890 (on Coinbase). In spite of the correction under $9,800, technical indicators such as the Relative Strength Index (RSI) show that consolidation could take over in the European session. Moreover, the Elliot Wave Oscillator (EWO) has maintained a bullish session since May 27. As long as the technical picture remains the same, reclaiming the ground above $9,800 and later $10,000 would not be an uphill task.
BTC/USD 4-hour chart
Taking a wider scope of the market, Bitcoin’s price is also trading within an ascending channel. The channel resistance prevented gains above $10,250, deeming the breakout above $10,400 as false and unsupported. For now, the channel support is still in position and if defended, buyers are likely to get a chance and/or breather to gather more energy for another attempt at breaking the seller congestion zone at $10,000.
Bitcoin Intraday Key Levels
Spot rate: $9,816
Relative change: 25
Percentage change: 0.27%
Trend: Bullish
Volatility: Shrinking
High: $9,848
Low: $9,751
- Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
- Crypto Market Rally: Will Bitcoin Catch Up With S&P 500 Gains After Fed Rate Cut?
- Ripple Partners DBS, Franklin Templeton To Launch Trading And Lending Backed by RLUSD
- XRP, SHIB, HBAR Among 15 to Get Faster Crypto ETF Approval Under SEC’s New Rule
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
