Bitcoin Price Analysis: BTC/USD retreats from $10,000 after a brief flirtation

The overall market sentiment remains bullish as investors consolidate their positions pre-halving.
The RSI indicator has gone up further in the overbought zone and is hovering around 78.05.

Rajarshi Mitra Independent Analyst

BTC/USD daily chart

BTC/USD fell down from $10,000 to $9,910 in the early hours of Friday as the bears stepped in to correct the price following a heavily bullish Thursday. This Thursday, the price jumped from $9,158.30 to $10,000 as the bulls continued to consolidate their positions pre-halving and crept above the 20-day Bollinger Band. The RSI indicator is trending around 78 within the overbought zone suggesting that the price is currently overvalued and a short-term bearish correction is expected. The MACD indicates increasing bullish market momentum.

Key levels

BTC/USD

Overview
Today last price	9924.01
Today Daily Change	-78.73
Today Daily Change %	-0.79
Today daily open	10002.74

Trends
Daily SMA20	8112.11
Daily SMA50	7258.84
Daily SMA100	8012.04
Daily SMA200	7999.5

Levels
Previous Daily High	10074.48
Previous Daily Low	9032.48
Previous Weekly High	9476.83
Previous Weekly Low	7491.5
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	9676.44
Daily Fibonacci 61.8%	9430.53
Daily Pivot Point S1	9331.98
Daily Pivot Point S2	8661.23
Daily Pivot Point S3	8289.98
Daily Pivot Point R1	10373.99
Daily Pivot Point R2	10745.24
Daily Pivot Point R3	11415.99

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.