Sign Up on MEXC
- Bitcoin price soared from last week’s lows at $8,100 but once again got rejected at the critical $10,000.
- Bitcoin is staring into a bottomless pit id it does not break the hurdle at $10,000; possible double-top reversal.
Bitcoin made a run for the $10,000 level on Thursday. The bullish momentum was so impressive that investors waited with bated breath to see a confirmed breakout above $10,000. When Bitcoin climbed above $10,000 last week, it lost steam slightly above $10,100. The growth from recent lows at $8,100 confirmed to the buyers that $10,000 was achievable and could allow them to shift their focus on higher levels at $13,800 (2019 high) and $20,000 (all-time high).
However, Bitcoin bears had a different plan, which they seem to be succeeding as BTC/USD hit a wall at $9,935 (on Coinbase). Following the snag, Bitcoin embarked on gains slashing exercise to the extent of touching $9,234 (intraday low). At the time of writing, Bitcoin has adjusted upwards to $9,490(market value). The real struggle is to hold above $9,500; a move that would give buyers a chance to focus on breaking the critical level at $10,000.
Double-top Pattern Reversal In The Offing
As Bitcoin inched closer to $10,000 it hinted the possibility of a double-top pattern could come into the picture. This pattern is usually used in technical analysis to signal a possible reversal from a continued uptrend. In this case, if Bitcoin retests $10,000 or even better $10,100 and fails to sustain gains to higher levels based on good volume, a reversal from this pattern could sink Bitcoin to levels seen last week close to $10,000.
BTC/USD 1-hour chart
Consequently, the RSI shows that Bitcoin is in for a bearish beating as it slides under the average (50). On the brighter side, the widening gap between the 21 EMA and the 50 EMA suggests that buying pressure is still present only that it lacks a catalyst.
Bitcoin Intraday Levels
Spot rate: $9,490
Relative change: -295
Percentage change: -3%
Trend: Bearish
Volatility: Shrinking
As Bitcoin inched closer to $10,000 it hinted the possibility of a double-top pattern could come into the picture. This pattern is usually used in technical analysis to signal a possible reversal from a continued uptrend. In this case, if Bitcoin retests $10,000 or even better $10,100 and fails to sustain gains to higher levels based on good volume, a reversal from this pattern could sink Bitcoin to levels seen last week close to $10,000.
Liked this analysis, follow our crypto analysis page at trading view, for updates.
- BlackRock Dumps Ethereum, Buys $366M in Bitcoin
- GEMI Stock Rises Over 20% Following Gemini’s Debut on Nasdaq
- Shiba Inu DEX ShibaSwap Releases New Upgrade To Strengthen SHIB Ecosystem
- REX-Osprey Solana Staking ETF’s AUM Hits New High Amid SOL Rally
- Breaking: Tether To Launch US-Based Stablecoin USAT With Bo Hines As CEO
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
- Solana Price Prediction: Ford’s $1.65B Treasury Bet Sets Sights on $320
- Dogecoin Price Prediction as CleanCore Pushes Toward 1B DOGE Target- Is 92% Rally Ahead?
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
