Bitcoin Price Analysis: BTC/USD bulls unstoppable towards $10,000
|- Bitcoin slump below $9,000 created fresh demand as more investors bought low in anticipation of $10,000.
- BTC/USD after stepping above $9,500 stalls at the 61.8% Fibo; eyes still glued on $10,000.
Bitcoin price fall under $9,000 on Monday was not a bad thing after all. The lower price levels gave BTC great balance reclaiming the position above $9,000. At the same time, it allowed a breath of fresh air into the momentum as more buyers entered to buy low.
Recovery from the dip has been consistent, to say the least. There was a struggle to clear the resistance at $9,500 especially with the sellers’ mission of forcing BTC back to $9,000. However, the unstoppable bulls have taken down the resistance at $9,500 and are currently working on the sole mission of pulling Bitcoin above $10,000.
Bitcoin price is trading above the 50 SMA; likely to provide support at $9,333.59 and the 100 SMA currently holding the ground at $9,384.30. In addition to that, the recovery from the dip initially stepped above the trendline which later culminated in a breakout above $9,500.
For now, the price is battling the resistance at the 61.8% Fibonacci retracement level taken between the last swing high of $9,969.84 to a swing low at $8,900. It is apparent that a break above this zone would give the bulls a chance to shift their focus back to $10,000. Besides, the RSI is already in the overbought region. The indicator shows that there is still room for growth. In addition to that, the MACD strongly confirms the bullish momentum. A bullish divergence inside the positive region places the bulls in the driver seat, at least for now.
Despite the struggle at the 61.8% Fibonacci level, the most prominent trend is bullish. Therefore, buyers’ must focus on higher levels while urging more investors to join the market.
BTC/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.