Bitcoin market overview: BTC/USD blast through $10,500 awakening the bulls

  • Bitcoin appreciates in value following the dive below $10,000 level.
  • BTC/USD still poised for growth in the near-term: technical levels suggest.

Bitcoin bulls have been awoken once again following the drop experienced over the weekend. Besides, the bears pushed further against support areas during the Asian hours on Monday. Bitcoin briefly explored the levels under $10,000 before finding support marginally above $9,800.

In the market update published earlier today, Bitcoin upside had been capped at $10,400 (the 61.8% Fib retracement level taken between the last swing high of $10,740 to a low around $9,848.84.

However, with constant assault, the bulls finally pushed the price above the resistance. In turn, opening the road for correction above $10,500. A high has been formed at $10,593 while the momentum has lost steam paving the way for a retracement towards $10,500.

Also readGeorgia finance minister signs bill exempting fiat-to-crypto transactions from VAT

All the technical indicators are sending positive signals. However, the Relative Strength Index (RSI) shows that the bulls are exhausted on failing to break above $10,600. The Moving Average Convergence Divergence, on the other hand, is arguably bullish. The increasing divergence suggests further correction upwards in the near-term.

BTC/USD 15-mins 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Sellers come in ahead of 10,500

BTC/USD sells of late in the session as we draw to a close on an eventful day in the financial markets. We were expecting Fed Chair Jerome Powell to be the main event of the session but China announced plans to add tariffs to US imports. Then Powell once again stood firm against Trumps pressure to loosen monetary policy and the US President lost it on twitter. 

More Bitcoin News

XRP pushes to session highs but a key level is in sight

XRP/USD pushes to session highs. Key resistance level is in sight. 0.300 still seems the like the long term target for bulls.

More Ripple News

BCH/USD: 300 is well supported once again

Bitcoin Cash has rejected downside moves yet again. Key trendline apex needs testing soon. 360 is still the level to breach for upside momentum.

More Bitcoin Cash News

NEO announces new partnership with gumi Cryptos bringing blockchain to Japan

NEO Foundation has announced a new partnership with gum Cryptos. The two organisations will be working on bringing blockchain technology to Japan. 

More Neo News


Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast