Categories: Bitcoin News

Bitcoin [BTC] Surges to $10,450 as Bulls Take Control, But Break-Out Levels Still Intact

Bitcoin [BTC] price gained $365 as the market showed signs of reversal at $10, 070. BTC broke bullish on 12th September gaining about 3.6% on…

advertisement

Bitcoin [BTC] price gained $365 as the market showed signs of reversal at $10, 070. BTC broke bullish on 12th September gaining about 3.6% on a daily scale.

Advertisement

The market sentiments of the traders had a bearish penchant due to the imminent break-out from the descending triangle. However, the momentum recorded a high just short of $10.5k at $10,460. The move has started to scare the bears off.

The last break-out came at the back-drop of a bull flag on the shorter time scales (less than 1 hour).  Crypto chart analyst, B.Biddles tweeted,

btc: a couple months ago I’d be tempted to take out a loan to long this kind of progression, but lately it has broken down more than up. A good r/r play long or short. At resistance (short) but breakout looks imminent (long). Both tight stop.

BTC/USD 1-hour Chart on Bitstamp (TradingView)

Sawcruhteez indicated a target of around $10,650 at the break-out. However, now that it is retesting the levels with a decreased volume. We can expect a move back downwards.

While the break-out occurred, it has fallen back to the base again.

Advertisement

Fear of the triangle

The fear of a break-out from the triangle has been the biggest concerns of crypto twitter at the moment. There is a higher probability of a plunge. However, as the price continues to extend inside the range, the chances of a bullish surge are also growing.

BTC/USD 1-Day Chart on Bitstamp (TradingView)

Recently, Derivative Trader and chart analyst, Tone Vays said in his Trading Bitcoin update that,

“That there is a 30% probability of a descending triangle breaking up. And when it does… it goes it violently.”

Moreover, a pattern needs confirmation of a break-out to pan out the targets. The fundamentals are positive due to increasing adoption by institutional investors.

The recent progress made with Bitcoin ETFs also seems to be having a positive effect on the market. SEC Chairman Clayton indicated a strong possibility of crypto ETF approvals in the future.

The Bakkt launch is expected to have a considerable impact on the markets. Nevertheless, the volume of trading and the positions (long or short) placed by institutions would eventually dictate the momentum.

Furthermore, currently, the price is trading in between the break-out range. The uncertainty seems so high that the consolidation can be extended or we can even witness a false break-out.

Do you think Bitcoin will turn towards the bulls or bears? Please share your analysis with us.

Summary
Article Name
Bitcoin [BTC] Surges to $10,450 as Bulls Take Control, But Break-Out Levels Still Intact
Description
Bitcoin [BTC] price gained $365 as the market showed signs of reversal at $10, 070. BTC broke bullish on 12th September gaining about 3.6% on a daily scale.
Author
Publisher Name
CoinGape
Publisher Logo

To get the daily price analysis, Follow us on TradingView

Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Recent Posts

Will High Gas Fees on Ethereum [ETH] Put an End to DeFi Bull Run?

The GAS fees on Ethereum is surpassing 200 Gwei as DeFi yield farming boom continues.…

56 mins ago

Compound Price Analysis: COMP/USD In A bullish Phase Despite Rejection From $247 Monthly High

Compound price rose to highs close to $250 but retreated to confirm the 61.8% Fibo…

12 hours ago

Bitcoin Price Forecast: BTC/USD Back To The Drawing Board? Could Retest $11,000 Before Attacking $12,000 Again

Bitcoin freefalls following a failed attempt at containing gains above $12,000. BTC/USD drop towards $11,000…

13 hours ago

Are Bitcoin And Gold Headed to The Worst Drop Ever? Covid19 Vaccine, Tax cut & More

Bitcoin [BTC] and gold are witnessing massive drops as Russia announces world's first COVID-19 vaccine…

23 hours ago

Breaking: Publicly Listed Firm MicroStrategy Purchases $250 Million Worth Of Bitcoins

Publicly traded business intelligence firm MicroStrategy bought $250 [~21,454 Bitcoins] Million worth of Bitcoin today…

1 day ago

$1.5 Billion in Ethereum Pool on Uniswap Awaits This DeFi Token Launch

The launch of the Serum Decentralized Exchange (DEX) on Solona is due today, and along…

1 day ago