Bitcoin Price Analysis: Can BTC/USD consolidation explode into a breakout to $10,500?
- Bitcoin price sideways trading action takes precedence over the weekend session.
- The price is neither bullish nor bearish as observed with the leveling RSI and MACD.
Bitcoin price remained lethargic in its trading over the weekend session. While $10,000 lingered at bay, the price failed to break the hurdle at $9,900. The new week trading has started with low bullish interest. BTC/USD has barely made progress from the opening value of $9,751. The price is doddering at $9,757 amid low volatility. At the time of writing. In other words low trading volatility could lead to consolidation both in the Asian and European sessions.
The rest of the market is mixed red and green. Ethereum and Ripple are trading in the red and like Bitcoin have not made progress from their opening values on Monday. Some of the cryptocurrencies slightly in the green include NEO, Bitcoin Cash, and Monero.
Bitcoin price analysis
From a technical perspective, the prevailing sideways trading is bound to last longer. This sideways action is confirmed by the RSI and the MACD. Both of these indicators are have been leveling in their motions since the beginning of June. Traders must, however, be careful to watch for incision points for breakouts. Bitcoin has already traded highs above $10,400 this June and it still has the potential to hit higher levels when supported by proper trading volume coupled with a resistance breakout at $10,000.
BTC/USD daily chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
