|

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

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.

Crypto Today: Crypto market holds $2.4 trillion as bearish sentiment persists around Bitcoin, Ethereum, XRP 

The Crypto King, Bitcoin, is constrained below $70,000, with the price holding around $69,000. Altcoins, including Ethereum and Ripple, exhibit technical weakness but are holding above key support levels at $2,000 and $1.40, respectively.

Aster tests resistance as whale activity, perpetuals volume surge

Aster (ASTER) edges higher by over 7% at press time on Thursday, crossing above its 200-period Exponential Moving Average (EMA) on the 4-hour chart while testing a long-term resistance trendline on the daily.

Bitcoin slips below $69,000 as crypto market shows cautious stabilization

Bitcoin price is nearing the lower consolidation boundary, trading below $69,000 at the time of writing on Tuesday. A breakdown below this key level would suggest a correction toward $60,000. However, institutional and corporate demand support a short-term stabilization in BTC.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: The worst may be behind us

Bitcoin (BTC) price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.