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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.
Bitcoin Price Analysis: Why BTC/USD consolidation above $9,700 remains key to the surge above $10,000?
John IsigeJohn IsigeFXStreet

Spot rate: $9,758

Relative change: -48

Percentage change: -0.5%

Trend: Bearish

Volatility: High

BTC/USD daily chart

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

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.

BTC/USD

Overview
Today last price9777.56
Today Daily Change-27.83
Today Daily Change %-0.28
Today daily open9805.39
 
Trends
Daily SMA209058.42
Daily SMA508257.43
Daily SMA1008103.61
Daily SMA2008878.86
 
Levels
Previous Daily High9875.44
Previous Daily Low9714.37
Previous Weekly High9875.44
Previous Weekly Low9078.29
Previous Monthly High9568.13
Previous Monthly Low6856.63
Daily Fibonacci 38.2%9813.91
Daily Fibonacci 61.8%9775.9
Daily Pivot Point S19721.35
Daily Pivot Point S29637.32
Daily Pivot Point S39560.28
Daily Pivot Point R19882.43
Daily Pivot Point R29959.47
Daily Pivot Point R310043.51

Author

John Isige

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

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