Bitcoin market overview: BTC/USD brushes shoulders with $10,000

Bitcoin has recovered significantly from the lows hit this week at $9,000. In less than 12 hours the price has stepped above the moving averages including the 100 Simple Moving Average (SMA) 15-mins, 50 SMA 15-mins, and the 100 Exponential Moving Average (EMA) 15-mins.

Although Facebook appeared before the U.S congress today following the Senate hearing yesterday regarding Libra, Bitcoin has appreciated in value breaking away from the losing streak post since last week.

Also Read: Grayscale Investments grew 84% in the Q2 of 2019 amid the crypto rally

At press time, Bitcoin is trading at $9,888 after brushing shoulders with the 50% Fib retracement level taken between the last swing high at $10,000 to a swing low of $9,090. Bitcoin bulls intend to close the trading today above $10,000. Besides, the momentum is supported by the Moving Average Convergence Divergence (MACD), which has crossed into the positive region.

Moreover, the Relative Strength Index (RSI) is holding ground at 70 after recovering from levels under 30. Immediate support has been established at $9,800, $9,400 as well as $9,000. Correction above $10,000 could relaunch Bitcoin in the path towards $14,000.

BTC/USD 15-mins chart