- Bitcoin price is settling above $6,800 in anticipation of a rally towards $10,000 post-May halving.
- Bitcoin halving is managing to direct attention back to the cryptocurrency market amid the COVID-19 pandemic.
Bitcoin price bulls are working hard to keep the price above the key $6,800 support following a recent dip from $7,500 to $6,575. The retreat from the recent high has left many worried that a pre-halving rally could remain a pipe dream. Peter Brandt, the founder and CEO of Factor LLC, a trading company recently said that assets that fail to rally when they have reasons to are unlikely to do so. His opinion is in regard to Bitcoin’s upcoming halving being unable to rally bullish troops.
However, the ongoing fight against the COVID-19 disease has every investor on the edge as Bitcoin could very well dive back to $3,000. Therefore, a rally is not entirely out of the picture but it will take more effort and courage, unlike the past rallies during Bitcoin halving.
Bitcoin Price Technical Picture
At the time of writing, BTC/USD is trading at $6,875. Its immediate downside is supported by the lower trendline of an ascending channel. Also in line to offer support is the 50 SMA in the 4-hour range. Various technical indicators such as the RSI and the MACD show that buyers are trying to take back control following the dip to $6,575.
For instance, the RSI is grinding upwards and almost crossing above 50. Bitcoin’s volatility is still high and coupled with a break above $6,900, there is a likelihood of a spike beyond $7,000. This could mark the beginning of pre and post-halving rally, which could bring Bitcoin back to levels above $10,000.
BTC/USD 4-hour chart
Key Bitcoin Intraday Levels
Spot rate: $6,875
Relative change: 15