Bitcoin overview: BTCUSD pullback was necessary for a correction to $10,000

  • BTC/USD recently ascended to highs above $8,000 and formed new 2019 highs at $8,370.
  • Bitcoin has the capability to correct higher and even beat the current 2019 high.

The cryptocurrency market has just survived the great battle in similar measure as The Game of Thrones. Bitcoin led the market in a devastating roller coaster ride that had lost control. BTC/USD recently ascended to highs above $8,000 and formed new 2019 highs at $8,370. The slight downside correction yesterday has found support above $7,600. However, a sell order of about $36 million worth of BTC on BitStamp exchange is said to have been the driving force behind the selloff.

Bitcoin dropped below the short-term support at $7,800 as well as the next support at $7,600. Further breakdown sent Bitcoin in more spiralling below $7,000 while $6,800 failed to offer support. The price tested $6,500 but formed an intraday low at $6,505 in turn allowing the bulls to regain balance and push for a correction above $7,200.

BTC/USD is currently valued at $7,206 with the immediate upside limited by the 50 Simple Moving Average (SMA). Above this level Bitcoin will encounter more resistance at $7,400 while $8,000 is the medium-term resistance.

The pullback to the support at $6,500 has served to show that Bitcoin has the capability to correct upwards and even beat the current 2019 high. Besides, the recent surge has confirmed to the traders that $10,000 is a possibility.

BTCUSD 15-minutes chart


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