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

bitcoin p2p volumes
Image Source: Shutterstock

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

  • 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

Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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 607 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 @