Bitcoin Price Analysis: BTC/USD rally to $10,000 impends as gold hits a 9-year high

Bitcoin has been in a lull over the past few days consolidation mainly between $9,200 and $9,300. A breakout above $9,400 occurred in tandem with the precious metals majestic rise to a 9-year high. Although Bitcoin is yet to clear the resistance at $9,500, the bullish action has renewed investors’ optimist for gains towards $10,000.

Gold has been increasing in value since the crash in March to 1,450 to the current price at 1,810. Since mid-April, the precious metal consolidated between 1,650 and 1,750. The most significant breakout occurred in the first week of July with gold hitting a 9-year high at 1,818.

XAU/USD daily chart

Bitcoin price analysis

Bitcoin price has also been in consolidation for while just like gold. Its ability to hold above $9,000 is an important factor to the expected rally above $10,000. Predictions by analysts such as Tom Lee place Bitcoin above $20,000 by the end of the year. The CEO of Galaxy Digital, Mike Novogratz is also very bullish on Bitcoin.

At the time of writing, Bitcoin is trading at $9,400. The price action on Wednesday closed in on $9,500 but failed to clear the resistance at this level. For now, buyers are focused on establishing support above $9,400 and pushing the price towards $10,000.

Technically, the current trend is likely to remain bullish in the near term, especially with the MACD holding in the positive region. A wider glance at BTC/USD reveals that consolidation cannot be ruled out of the picture. Besides, the RSI is stalling in favor of a horizontal motion at 60. Gains above $9,600 could eventually place BTC in the trajectory to the coveted $10,000.

On the downside, support is expected at the ascending trendline, $9,300, $9,200, as well as $9,000. For now, the general trend favors upward price action as consolidation lingers.

BTC/USD 2-hour chart