Bitcoin Price Analysis: BTC/USD flight back to $10,000 now at the threshold

  • Gold price renews momentum surging closer to its seven-year high at $1,6,37/Oz as Bitcoin price consolidates in readiness for a rally to $10,000.
  • Bitcoin price could dive back to $6,000 to create fresh interest and encourage more buying entries in light of the impending rally.

Spot rate: $6,608

Relative change: -163

Percentage change: -2.43

Trend: Bearish

Volatility: Expanding

BTC/USD daily chart

BTC/USD price chart

Bitcoin price is just a month away from the 4-year reward halving event. Reduced supply coupled with a technical breakout due to the crash in March to levels under $4,000 are the perfect ingredients for a rally above $10,000 and towards the all-time high at $20,000.

On the other hand, Galaxy Digital CEO, Michael Novogratz believes that as gold price soars towards the yearly highs, Bitcoin price is bound to follow. He also said that the next few months will be very volatile for Bitcoin but 2020 is still the year for BTC.

At the time of writing, Bitcoin price is trading at $6,608. The upside is capped at $6,800 (initial resistance) while $7,000 (tested twice) is the critical level. BTC/USD is likely to make a ‘necessary” dive to $6,000; a move that would create fresh demand, encouraging more buyers to join the market, in turn, contributing to the expected rally towards $10,000.

Support one: $6,401 – Fibonacci 23.6% one-week

Support two: $5,991 – SMA 200 1-hour, SMA 50 4-hour and the Fibonacci 38.2% one-week.

Resistance one: $6,743 – SMA 50 15-minutes, Bollinger Band 1-hour Middle and SMA five 4-hour.

Resistance two: $7,016 – Previous week high and pivot point one-day resistance one.





Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors.

More Cardano News

Ondo price poised to break ATH of $1.04

Ondo price poised to break ATH of $1.04

Ondo price is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80.

More Ondo News

Shiba Inu price flashes buy signal, 25% rally likely Premium

Shiba Inu price flashes buy signal, 25% rally likely

Shiba Inu price has flipped bullish to the tune of the crypto market and breached key hurdles, showing signs of a potential rally. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.

More Shiba Inu News

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud

New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis