Bitcoin Price Analysis: BTC Rags To Riches Unstoppable Move Targets $12,400

  • A striking move over the weekend session settled BTC above $9,600 resistance.
  • Bitcoin exceptional move did not stop until it hits a new weekly high at $10,500 (Coinbase).
  • The MACD suggests that the buyers will remain in control in the coming sessions.

Bitcoin last week’s meltdown left many investors in agony. To make matters worse, some of the most bullish analysts and experts predicted further declines likely to touch $7,500. However, the fight in Bitcoin price had not hit the absolute ceiling. The support established above $9,300 managed to vanquish the acute selling pressure as the energized bulls took positions. A striking move over the weekend session settled BTC above $9,600 resistance opening a bullish gap that is still being explored by the bulls.

Increased buyer dominance on the market on Monday stamped down bullish influence for the largest cryptocurrency. Although, there was struggle to sustain gains above $9,800, increased buying activity ensured the buyers hold to the joystick. BTC/USD triumphantly broke out smashing $10,000 level. The unexpected surge gave the price another impressive push that infiltrated $10,400 resistance.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Bitcoin exceptional move did not stop until it hits a new weekly high at $10,500 (Coinbase). A shallow correction taking advantage of the diminishing buying pressure sent Bitcoin back to $10,320 level before correcting higher to the current level at $10,405.

At press time, Bitcoin movement upside is limited by the 200 Simple Moving Average (SMA) 4-hour. Also, limiting the gains is the resistance at $10,500. On the flipside, $10,300 is coming up a credible support. Other support levels to lookout for include $10,000, $9,800 and $9,300.

From a technical perspective, Bitcoin is poised for further gains in the short-term. The Moving Average Convergence Divergence (MACD) trending higher in the positive territory. With the visible divergence, the MACD suggests that the buyers will remain in control in the coming sessions. In the event Bitcoin completes the leg above $11,200, it will unravel the support towards the next significant hurdle at $12,400.

Bitcoin Key Technical Levels

Spot rate: $10,405

Relative change: +14

High: $10,501

Low: $10,311.18

Trend: Bullish

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