Bitcoin Price Analysis: BTC/USD Towering Above $10,000 and The Grand Journey To $11,000

By John Isige
Published July 27, 2020 Updated July 27, 2020
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Bitcoin Price Analysis: BTC/USD Towering Above $10,000 and The Grand Journey To $11,000

By John Isige
Published July 27, 2020 Updated July 27, 2020
  • Bitcoin renews the bullish picture above $10,000 for the first time since the beginning of June.
  • BTC/USD eyes $11,000 in the near term but first, the hurdles at $10,200 and $10,500 must be overcome.

Bitcoin price is ending the month of July in great style after pushing above the critical $10,000 level during the just-concluded weekend session. Following the return of volatility to the crypto market, bulls have been keen not to fall back into the slumber and hibernation experienced for more than six weeks. Some of the critical barriers that have already been shattered include $9,600, $9,800, and $10,000.

BTC/USD is trading at $10,092 after a minor retreat from the new July high at $10,161 (recoded on Sunday for Coinbase). After reclaiming the position above $10,000, Bitcoin has been on another upward-roll, targeting $10,000. In the meantime, the price is doddering at $10,100 amid a developing bullish momentum.

Looking at the BTC/USD daily chart, the largest cryptocurrency is mainly in the hands of the bulls. The Relative Strength Index (RSI) highlights the strong grip by the bulls. The indicator has made a grand entrance into the overbought (70) for the first time since the beginning of May.

BTC/USD daily chart

BTC/USD price chart by Tradingview

The same bullish influence is reinforced by the Moving Average Convergence Divergence (MACD). Besides, holding the ground above the midline, a bullish divergence keeps breaking away from the MACD. As the indicator dips higher in the positive zone, gains are expected to draw near $11,000. For now, breaking the barrier at $10,200 will help focusing the bulls’ energy towards breaking the resistance at $10,500 and $11,000.

Bitcoin Intraday Levels

Spot rate: $10,179

Relative change: 255

Percentage change: 2.65%

Trend: Bullish

Volatility: High

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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
1152 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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