- Bitcoin bulls return, pushing the price past $9,700.
- All technical indicators aligned for the last leg to $10,000 ahead of the weekend.
Bitcoin is back in the green on Friday after enduring a massacre that tested the bulls’ ability to ensure losses and still focus their attention on levels that matter above $10,000. BTC/USD tested the support area at $9,500 twice this week. The initial reversal hit highs above $10,300 but an avalanche of selling pressure pushed the price back under $10,000. The ongoing recovery has just stepped above $9,700 and is likely to zoom past the next resistance at $9,800 in readiness for the return above the coveted level at $10,000.
Moreover, the reversal is making an attempt to take back the broken channel support. Bitcoin had stayed intact within the up-trending channel since mid-December when the price dipped under $6,500. Despite the pullbacks that have been associated with the rally to highs above $10,500, Bitcoin has mostly contained both gains and losses in this channel.
BTC/USD 4-hour chart
From a technical perspective, Bitcoin’s bullish move into the European session is likely to last longer. The same recovery is observed with the Relative Strength Index (RSI), currently aiming for the average level (50) after testing 38. A momentum indicator also emphasizes the increasing buying activities, hinting a return above 0.00.
In the event, recovery is halted and the bears take back control, Bitcoin is expected to find refuge at $9,700, $9,500, and the 61.8% Fib retracement level taken between the last drop from $10,926 and $6,407.
Bitcoin Price Levels
Spot rate: $9,703
Relative change: 102.87
Percentage change: 1.06%