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

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.

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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