Bitcoin Price Analysis: BTC/USD Spikes Above $9,800, Is $10,000 The Next Stop?


bitcoin p2p volumes
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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

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

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

 

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
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John Isige 757 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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