Bitcoin market update: BTC/USD bulls too timid to launch an assault on $11,000


  • BTC/USD is exchanging hands at $10,631 and fighting to stay in the green as the market starts to consolidate.
  • Bitcoin technical levels are slightly positive but with a sideways inclination.

Bitcoin is hovering above $10,600 following the reclamation of $10,000 support. While the recovery from the weekly lows around $9,000 was impressive, it is clear that the market is entering a state of indecision. The bulls seem to be afraid that a failed attempt on assaulting $11,000 critical level could culminate in a bears’ field day where $9,000 support is unlikely to be supportive and further losses could touch $8,500.

Meanwhile, BTC/USD is exchanging hands at $10,631 and fighting to stay in the green with daily gains of 0.9%. The price is hitting on the Bollinger Band 1-h upper curve. However, the most likely direction the price will follow is sideways.

Also ReadIndian Minister: No Official Ban on Cryptocurrencies in India Yet

Technically, levels are slightly positive but with a sideways inclination. The Moving Average Convergence Divergence (MACD) is holding tightly onto the mean line, although this is after it has corrected from levels around +258.37. The Relative Strength Index is ranging at 60 following a correction from 70.

The immediate downside is supported by the BB 1-h Middle, the 100 Exponential Moving Average (EMA) and the 50 Simple Moving Average (SMA) 1-h. $10,000 level will offer additional support in the case declines progress bit $9,500 and $9,000 are the major support areas.

BTC/USD 1-h 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

Bitcoin price analysis: BTC/USD jumps on US-China trade war escalation

Bitcoin (BTC) has built up a strong upside momentum during early Asian hours on Monday. The first digital coin has recovered from $9,900 and hit $10,665 high in a matter of hours amid strong bullish sentiments and growing trading volumes.

More Bitcoin News

Cryptocurrency market update: IOTA and Ethereum Classic fly the bullish flag high

The cryptocurrency market has a blend of both red and green signals. The largest cryptocurrency Bitcoin is back above $10,100 after recovering from Saturday’s dip below $10,000. While trading at $10,160, the bulls have eyes on $10,200 in the short-term.

More Cryptocurrencies News

ETH/USD recovers from Sunday's lows, upside momentum fades away

A move above $195.80 is needed to mitigate the bearish pressure. The significant support is created by a confluence of technical indicators below $186.00.

More Ethereum News

Ripple technical analysis: XRP/USD sustained uptrend hints breakout above $0.3

Ripple price is lethargic under $0.28 short-term hurdle but $0.27 is a credible support area in the short-term. Despite the visible declines in the short timeframe charts, XRP/USD has sustained an uptrend from August lows close to $0.24.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

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

BTC

ETH

XRP