Bitcoin Price Analysis: BTC/USD blasts past coveted $10,000 as $11,000 beckons

Bitcoin price majestically extends last week’s triangle breakout above the critical $10,000 level.
BTC/USD is primed for gains past $11,000 according to the prevailing technical picture.

John Isige FXStreet

Bitcoin price actions over the weekend have been impressive as reported by FXStreet. For the first time since June, the price pierced the $10,000 mark to record new July highs at $10,196. The last seven days of trading have yielded greatly for Bitcoin owing to the fact that bulls overcame several key barriers including $9,600, $9,800 and the grand $10,000.

At the time of writing, Bitcoin is back to trading above $10,000 following a bounce from the opening value of $9,942. The trend is mainly bullish amid expanding volatility. This means that BTC/USD has great potential for more upward movement, currently targeting $11,000.

Bitcoin technical analysis

From a technical perspective, Bitcoin is in the hands of the bulls. The RSI, for instance, is holding above 70. Although already overbought, the indicator is not showing any signs of a reversal. The MACD is also moving higher within the positive territory with a bullish divergence reinforcing the massive influence of the bulls over the price.

Another key bullish indicator is the 50-day SMA extending the gap above the MACD. Gains are likely to continue, in the meantime, stabling support above $10,000 is key for the price action targeting $10,000.

BTC/USD daily chart

Author

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

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