Bitcoin price analysis: BTC/USD mundane trading could pave the way for gains towards $11,000


  • Bitcoin narrows down towards $11,000 following the failures to stay above $10,400 resistance level.
  • Immediately limiting movements is the 100 SMA and the resistance at $10,250.

Bitcoin has not been able to make headway since it tested the resistance at $10,400 and failed to sustain gains towards $11,000 last week. The price has been inclined to the downside with $10,000 being the biggest support contender.

While the altcoins seem to have slowed down their bullish frenzy, Bitcoin price action continues with a relatively sideways trend. Its ability to hold above $10,000 at the time Bitcoin exchange-traded fund (ETF) was dealt a blow by the withdrawal of the Van Eck/SolidX proposal means the market is becoming more stable.

At the moment, bears are slightly in control as Bitcoin presses down against the immediate support at $10,100. Valued at $10,127 BTC/USD upside is capped by the 50 simple moving average (SMA) on the four-hour chart. The hurdle that must be broken in the near-term to pave way for more gains is $10,250. However, other hurdles towards $11,000 will be encountered at the 100 SMA, $10,500, $10,600 and $10,800.

The moving average convergence divergence (MACD) is holding ground slightly in the negative region. It has a minor bearish divergence that signals the current grip by the bears. Therefore, the most likely path of movement for Bitcoin is sideways between $10,250 and $10,000 (key support).

BTC/USD 4-hour chart

 

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD gearing up for another attempt to crack $10,000 as active addresses keep growing

Bitcoin is holding surprisingly well after the flash crash on June 2. Bulls keep defending the daily 12-EMA while Bitcoin slowly climbs higher. BTC/USD is trading at $9,660 at the time of writing, looking at the $9,887 resistance level.

More Bitcoin News

XRP/USD clutches above $0.20, is holdling an effective XRP strategy?

Ripple is currently in consolidation above $0.20. Therefore, there is not much that can be said in regard to this week’s price performance, except for the move that tested $0.2150 on Monday.

More Ripple News

ETH/USD may return to $220.00 before another strong rally

Ethereum tested $247.93 during early Asian hours and retreated to $247.70 by the time of writing.  The second-largest digital asset has gained about 1% of its value since the start of the day and stayed unchanged since the beginning of the day.

More Ethereum News

IOTA upgrades Hornet node software

IOTA has announced a major upgrade to its Hornet node software, which is the first performance upgrade in IOTA 1.5. the first in a series of planned protocol upgrades.

More IOTA News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast

BTC

ETH

XRP