Bitcoin Price Analysis: BTC/USD on verge of breaking $10,000 resistance

  • Bitcoin recovers from the weekend dip to $9,500 to face the seller congestion at $10,000.
  • A triangle resistance continues to hold buyers back but if broken, BTC/USD could tackle resistance at $10,120.

Bitcoin price is commencing the new week’s trading in a bullish style as it heads towards the coveted $10,000 zone. The weekend session was characterized by heightened selling activities but support above $9,500 averted further losses towards $9,000. At the time of writing, Bitcoin is trading at $9,902 following a 2.35% growth from the opening value of $9,672.

The 4-hour chart shows Bitcoin aiming for the rising triangle resistance. If this resistance is broken, then Bitcoin has a chance to take the fight to the resistance at $10,120 (May high) and $10,500 (April high).

According to the RSI, the momentum is in the favor of the bulls. The RSI has renewed the motion towards the overbought while the MACD is increasing the bullish divergence. If a reversal comes into play due to $10,000 remaining unconquered, losses will seek refuge at $9,500, $9,197 (the confluence formed by the 50 SMA and the 100 SMA), the ascending trendline and $8,500.

BTC/USD 4-hour chart

BTC/USD price chart

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