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

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