Bitcoin Price Analysis: BTC/USD spikes 14% from February swing low as $11,000 beckons

  • Bitcoin bullish action rides on factors like the Coronavirus breakout, FED’s chair comments and the May 2020 halving.
  • Bitcoin settles in a consolidation range between $10,300 and $10,355.

Bitcoin price approached $10,400 in a new bull-run that followed a recent dip to the support at $9,700. The pullback was indeed necessary for the surge above $10,000. Bitcoin is currently valued at $10,334 after correcting higher only 0.64% on the day.

Fed Chair upholds Bitcoin’s privacy

Bitcoin rose to a five-month high at $10,355 following remarks by the Federal Reserve Chairman, Jerome Powell during his testimony at the U.S House Financial Services Committee. Powell said that there is a need for digital currencies to have privacy features in reference to the soon to launch China’s digital yuan. Powell stated:

A ledger where you know everybody's payments are not something that would be particularly attractive in the context of the U.S.

While the recent surge seen in the last 24 hours is attributed to Powell’s comments. The growth over the last couple of months has been linked to other key factors such as the May 2020 Bitcoin halving event, the China Coronavirus outbreak, and increased institutional buying activities.

Bitcoin price technical picture

Bitcoin is settling after the incredible rise from $9,700. Technical indicators suggest that Bitcoin will continue to stay bullish in the coming sessions. The RSI is holding the ground 70 and even leveling to show that sideways action is probable. The momentum indicator doubles down on the sideways action as it moves horizontally at 611.

Initial support is seen at $10,250 in the case a reversal ensues. Other key levels traders need to keep in mind are $10,250, the 100SMA on the 4-hiur chart and $9,700. The primary support for Bitcoin lies at $9,000 - $9,250.

BTC/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300. A shall green candle on a weekly chart is a promising signal, though the market is still gripped with uncertainty at this stage. 

More Bitcoin News

XRP/USD drops below $0.2000 after a failure at $0.2030

XRP/USD tested the intraday high at $0.2031, but the strong resistance located around this area discouraged the short-term bulls and pushed XRP/USD below $0.2000 by press time.

More Ripple News

ETH/USD breaks out into the $220 zone, will it be $230 or $210 next?

Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.

More Ethereum News

EOS/USD slumps below 4-hour SMA200, focus on $2.54

EOS/USD attempted a recovery above 4-hour SMA200 (currently at $2.65) and touched the intraday high at $2.67. However, the upside momentum proved unsustainable as the price of the digital asset dropped to $2.62

More EOS News


Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast