TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin price analysis: BTC/USD shies away from the $10,000 zone, after attempting to break past $10,500

  • BTC/USD entered $10,000-range for the first time since September 23rd.
  • The SMA 50 curve is looking to chart the golden cross by crossing over the SMA 200.
Bitcoin price analysis: BTC/USD shies away from the $10,000 zone, after attempting to break past $10,500
Rajarshi MitraRajarshi MitraIndependent Analyst

BTC/USD bulls have been on an absolute tear today. In just a few hours, BTC/USD managed to break past the $9,000, $9,500, and the $10,000 zones. The price reached an intraday high of $10,485 before succumbing to selling pressure. Currently, BTC/USD is trending at around $9,748.15. The hourly chart has been trending horizontally for a while before it suddenly took off. Within the last 20 hours, BTC/USD jumped up from $7,586.80 to $9,748.15, which is a 28.50% growth.

BTC/USD 1-hour chart

fxsoriginal

Looking at the one-hour chart, one can see that there is strong resistance at $10,106.75, which has driven the price down. The 50-day simple moving average (SMA 50) is looking to cross over the SMA 200 curve and chart the fabled golden cross pattern. The Relative Strength Index (RSI) indicator is trending comfortably in the overbought zone. The Bollinger width is around 0.377, hinting at high market volatility.
 

Author

Rajarshi Mitra

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.

More from Rajarshi Mitra
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.