Bitcoin Price Analysis: BTC/USD has a heavy block of supply ahead of $10,000 to break down
- Bitcoin price is trading in positive territory, up 0.95% in the second half of the session.
- BTC/USD bulls are consolidating within the $9000 zone, ahead of further potential moves north.
- Upon a successful breakdown of the resistance within the $9500 area, a return to $10,000 will be eyed.
BTC/USD daily chart
There is a heavy block of supply primarily running from $9250-9500 via the daily view. Ahead of the big psychological $10,000 mark.
BTC/USD 60-minute chart
Price action is narrowing within a pennant structure, subject to a potential breakout higher.
Spot rate: 9376.69
Relative change: +0.95%
High: 9431.25
Low: 9183.81
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
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