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

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