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.
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
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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
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.
