- Bitcoin defies the generally retracing trend in the market to post a 2.27% gain on the day.
- The consolidating phase between $9,600 and $9,200 is key for the next move towards $10,000.
The potential of Bitcoin trading above $10,000 is still high in spite of the lethargic trading going on under $9,400. Bitcoin bulls managed in defending the support at $9,000 which eventually gave way for the ongoing action. The price is in a relatively bullish mood with gains exceeding 2% on the day.
BTC/USD daily chart
The 100-day Simple Moving Average (SMA) is standing in the way and hindering movement northwards. On the flip side the 50-day SMA is providing support at $8,544. The narrowing gap between the Simple Moving Average’s suggests that bullish pressure is expanding. At the time of writing, the volume is relatively low. However, Bitcoin needs one more push above the 100-day SMA to be able to trend towards $10,000.
Meanwhile, the Relative Strength Index (RSI) is focused on re-surfacing above 70. Such move will allow the buyers to have more confidence in the recovery. With the surge in buying entries Bitcoin price could effortlessly soar past $10,000.
BTC/USD 1-hour chart
From the perspective of a shorter timeframe, the 100 SMA is functioning as support at $9,200. The 50 SMA is limiting gains on the upside. However, the RSI is still in an upward roll which means that Bitcoin bulls have the upper hand in the near-term. For Bitcoin to be on the safer side, the buyers must push it above $9,600 hurdle and stay focused on $10,000. Apart from the support at $9,200, Bitcoin is likely to find anchorage at $8,800, $8,400 and $7,200.
Bitcoin Key Technical Levels
Spot rate: $9,420
Relative change: +209
Percentage change: 2.27%
Resistance: $9,600 and $10,000
Support: $9,200 and $8,800
Trend: Bearish (short-term)
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