Bitcoin price analysis: BTC/USD glances towards pivotal $10,000 milestone
|- Bitcoin brilliant move past $10,000 hit pause short of $10,200 hurdle.
- Tentative bullish pressure at $9,650 support faces $9,800 stubborn resistance.
Bitcoin is fluctuating at $10,000 ahead of the weekend trading sessions. An explosive breakout on Thursday thrust Bitcoin past $10,000 from support around $9,500. However, due to diminishing buying power, the resistance at $10,200 remained largely untested.
Instead, the bears took charge of the price with overwhelming pressure. BTC plunged under $10,000 trimming most of the gains achieved. In addition to the immense congestion of sellers at $10,200, the trendline resistance and the 100 Simple Moving Average (SMA) 1-hour chart made it difficult for the bulls to propel Bitcoin towards $10,000.
Following the second dip under $10,000 in the same week, short-term support has been formed at $9,650. Tentative bullish pressure at the support has seen BTC make a shallow recovery above $9,700 but $9,800 resistance level remains unconquered.
The technical picture is leaning to the bullish side. However, without a catalyst or an avalanche of bullish pressure, the upside will remain limited. The Relative Strength Index (RSI) made a move from around 30 but now is leveling at 44. A compelling move past the average could revive the bulls' interest in the recovery.
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.