- Bitcoin price closes in on $10,500 after smashing past $10,400 to form new yearly highs at $10,435.
- Bitcoin is staring into a reversal due to the formation of a rising wedge pattern.
Bitcoin’s incredible start of the year couples with positive sentiments due to the approaching halving event has seen it posted impressive gains. The cross over at $10,000 on Sunday further cemented the position of the bull on the market. Investor interest in BTC continues to grow.
Interestingly, Bitcoin volatility is down almost hitting record lows. While volatility was a key factor that drove Bitcoin to its all-time high close to $20,000, this does not seem to be the case in the current bullish market. In other words, Bitcoin maturity has grown and it is becoming a more suitable investment asset. According to the data provided by Skew, Bitcoin is holding ground at similar levels before last year’s spring started to take root.
Bitcoin up 35% Year-To-Date with volatility remaining near record low levels is a positive development for the asset’s investability pic.twitter.com/nN2Hv8DSf4
— skew (@skewdotcom) February 11, 2020
Bitcoin Price Analysis
Bitcoin is trading at $10,400 towards the end of the Asian session on Thursday. Following the dip below $10,000, which proved to the bulls that they have more influence on the price, BTC sprung upwards reclaiming the lost ground. Further bullish action stepped above $10,200 before tackling the resistance at $10,400. Bitcoin has achieved a new yearly high of $10,435 before adjusting to create more demand.
BTC/USD daily chart
The price appears to be gaining momentum, which means $10,500 not only within sight but also achievable in the coming European session. Reading from the RSI’s signal, Bitcoin is poised for more action north. Similarly, the narrowing gap likely to tom lead to a double-cross of the 50-day SMA above the 200-day SMA hints that buying power is on the rise. The best the bulls can do in the short term is to establish higher support at $10,400, which will allow them to focus on higher levels.
Bitcoin key Levels
Spot rate: $10,416
Relative change: 55
Percentage change: 0.54%
Support: $10,200, $10,000 and $9,700
Resistance: $10,500 and $11,000
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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