Bitcoin market update: BTC/USD over $500 reversal compels move above $10,000

Bitcoin just made a comeback above $10,000. As discussed in earlier published price analysis, the buyers are getting ready for revenge. The devastating plunge from $10,200 this week to lows around $9,469 seems to have been a necessary retracement. With fresh demand from investors waiting to ‘buy the dip,’ Bitcoin has the potential to thrust through $11,200 resistance in the short-term.

Technically Bitcoin is poised for movement to higher levels. The Relative Strength Index (RSI) is currently above average. At the same time, the Moving Average Convergence Divergence currently at -129.45 is heading further towards the positive territory. The increasing positive divergence suggests that bulls are stamping down on the bears.

BTC/USD 1-hour chart

Meanwhile, the power utility firm in Malaysia the Tenaga Nasional Bhd (TNB) has resorted to stricter measures to combat the losses stemming from the theft of electricity by Bitcoin miners. A newly published report by EdgeProp revealed the TNB lost $25.3 million up to the month of June 2019 in tempered electricity distribution. The report added that 437 mining-related power theft cases were reported in the period in Peninsular Malaysia.