Bitcoin

Bitcoin Price Holds Strong at $10,000: A Strengthening Case for More Gains

Bitcoin rallied over 4% and it broke the key $ 10,000 resistance against the US Dollar. BTC is showing a lot of positive signs and it is likely to rise further above $ 10,200.

  • Bitcoin gained bullish momentum above the $ 9,800 and $ 10,000 resistance levels.
  • The price is now holding strong at $ 10,000 and it is well above the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $ 10,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher above $ 10,150 and $ 10,200 in the near term.

Bitcoin Price Settles Above $ 10,000

This past week, bitcoin successfully settled above the $ 10,000 resistance against the US Dollar. BTC extended its rise above the $ 9,800 resistance and settled well above the 100 hourly simple moving average.

As a result, the bulls gained strength and the price rallied over 4% to break the $ 10,000 barrier. A new monthly high was formed near $ 10,199 before the price started a downside correction. It corrected lower more than $ 250 and tested the $ 9,800 support zone.

A low is formed near $ 9,818 and the price is currently rising. It surpassed the $ 10,000 resistance, and the 50% Fib retracement level of the recent downside correction from the $ 10,199 high to $ 9,818 low.

Bitcoin Price

Bitcoin price above $ 10,000. Source: TradingView.com

There is also a connecting bullish trend line forming with support near $ 10,000 on the hourly chart of the BTC/USD pair. The pair is currently testing the $ 10,100 zone, plus the 76.4% Fib retracement level of the recent downside correction from the $ 10,199 high to $ 9,818 low.

A successful close above the $ 10,100 level may perhaps open the doors for a fresh increase in the near term. An initial hurdle is near the $ 10,200 level, above which the price might climb towards $ 10,500.

BTC Stable above $ 10,000

It seems like bitcoin price is holding strong above $ 10,000. If it declines below the trend line support and the $ 10,000 support, there are chances of a fresh decrease towards $ 9,800.

The first major support below $ 9,800 is near the $ 9,750. Any further losses may perhaps open the doors for a test of the $ 9,500 support zone. An intermediate support could be near $ 9,650 or the 100 hourly simple moving average.

Technical indicators:

Hourly MACD – The MACD is again gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Levels – $ 10,000, followed by $ 9,800.

Major Resistance Levels – $ 10,100, $ 10,200 and $ 10,500.

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