XBT/USD Analysis: Bitcoin Momentum Stalls But Is $10,000 Recoverable?

Published October 28, 2019 | Updated October 28, 2019

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XBT/USD Analysis: Bitcoin Momentum Stalls But Is $10,000 Recoverable?

  • Bitcoin futures contract stalls recovery from $9,000.
  • Open Interest continues to grow even as volatility remains low.

BTC/USD perpetual inverse swap contract on BitMEX exchange went through a reckoning upward ride on Friday and over the weekend session. The asset rose from the ashes below $7,500 to highs above $10,500 in less than 48-hours. The entire crypto market also reacted in tandem with Bitcoin as they scaled above some key support levels.

Meanwhile, Bitcoin is trading at $9,564 amid a strengthening bearish momentum. The retracement from the recent high at $10,575 found support at the 50% Fib retracement level taken between the last swing high of $10,575 to a low of $7,294. Although the bulls pushed for an immediate recovery, $10,000 still remains out of reach.

XBT/USD 2-hour chart

XBT/USD price chart
XBT/USD price chart by Tradingview

The ongoing retreat has stepped beneath the short-term ascending trendline support. The price is still trading above the Moving Averages (MA) whereby the 50 MA on the two-hour chart is offering support at $8,671 and the 100 MA stands at $8,345.50.

The downward sloping Relative Strength Index (RSI) coupled with the increasing volume shows that the retreat could last longer or even retest $9,000. On the other hand, as long the gap between the 50 MA and the 100 MA continues to expand, Bitcoin bulls will remain relatively in control.

BitMEX price index stands at $9,575.61 while the contract has a 24-hour volume of 5.4 billion. The open interest stands at 731 million, at the same time, it’s the contract’s funding interest is 0.0231% in the last six hours.

Bitcoin Key Levels

Percentage change; 4.08% in the last 24 hours

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Relative change: 8.91

Trend: Bullish

Volatility: Low

RSI: Downward slopping

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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