Bitcoin Price Analysis: Why BTC/USD consolidation above $9,700 remains key to the surge above $10,000?
- Bitcoin price sustains from December lows under $6,500, renewing the hopes of conquering $10,000 resistance.
- A double top pattern formation warns of a possible reversal, especially of Bitcoin fails to rise above $10,000.
Spot rate: $9,758
Relative change: -48
Percentage change: -0.5%
Trend: Bearish
Volatility: High
BTC/USD daily chart
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Bitcoin price settles above the 200-day SMA but stalls at $9,900 as consolidation set in.
The RSI shows that the sideways trading above $9,700 could continue throughout the weekend session.
BTC/USD 4-hour chart
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Bitcoin price momentum indicator sustains the break into the positive zone despite the rejection at $9,900.
As long as the 50 SAM continues to trend upwards and increase the gap above the 100 SMA, BTC will continue to have the potential to clear the resistances at $9,900 and $10,000 respectively.
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
