- Bitcoin price rally on Thursday stalled under $9,500; the reversal that ensued bounced off support at $8,400.
- Bitcoin price remains in the hands of the buyers who desire nothing but to push above $10,000 before the halving.
The cryptocurrency community watched in bewilderment as Bitcoin soared to highs close to $9,500 on Friday. The move was incredible owing the fact that Bitcoin sunk to $3,800 mid-March. However, most retail traders do not buy the idea that Bitcoin’s recovery is strong enough to sustain higher gains towards $10,000. However, some analysts such as Michael van de Poppe advised traders to buy the dips amid the FOMO-driven rally.
Van de Poppe says that rallies present numerous buy opportunities, however, it is essential not to follow the herd but to wait for reversals and retests as they are always there. In his opinion, reversals after a rally is normal and that Bitcoin is far from being done with this rally.
Meanwhile, Bitcoin is likely to have rallied due to the incoming Bitcoin halving. In that case, more price action towards $10,000 is expected to take place prior to the grand event in what is known as a pre-halving rally.
Bitcoin Price Technical Picture
At the time of writing, Bitcoin has recovered slightly from the dip to $8,407 and is now exchanging hands at $8,711. Technical indicators signal that bulls are still in control and more price action to $9,000 is expected on Friday during the European and the American session.
BTC/USD daily chart
Bitcoin’s volatility is still high and bulls prefer to take advantage of this to reclaim the position above $9,000. Other bullish signals lie with the RSI position above 70 (overbought region) and the expanding trading volume. For now the biggest task is to establish a higher support to allow buyers to focus on higher levels at $9,500 and $10,000 before the block reward halving.
Bitcoin Intraday key Levels
Spot rate: $8,711
Relative change: 84
Percentage change: 0.97%