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.
BTC/USD daily chart
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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
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.
