Bitcoin sentenced to a narrow range, Michael Moro from Genesis Global Trading bets on bullish escape

Bitcoin is changing hands at $6,423, down 0.40$ since this time on Sunday and practically unchanged since the beginning of the day. The digital coin No.1 has been rangebound ever since it recovered from the recent slump above $6,400 handle.

Meanwhile, Bitcoin still has a chance to return to $10,000, according to Michael Moro, CEO of Genesis Global Trading. Speaking in the interview with CNBC. However, despite the overall optimism, The experts refrained from conveying exact dates.

“The last time I was on this show, I said that we were more likely to see $10,000 in Bitcoin then $5,000. So far, I’m not wrong. So I am still sticking by that prediction. Because of what we are seeing in the ebbs and flows on the loans side [of our business] I have that confidence that I don’t think we will see $5,000 flat. [However,] timing wise, I am not too sure when this is going to happen,” he said.

Bitcoin's short-term technical picture

BTC/USD is supported by the lower line fo the recent consolidation channel at $6,400 with SMA50 - 4 hour at $6,390. Once this area is cleared, the downside may be extended towards the next psychological level $6,300, followed by $6,200 and possibly $6,060 (the recent low).

On the upside, a sustainable movement above $6,480 is needed to proceed to $6,500. This area limited the recovery since  October 16. If it is cleared, the upside may continue towards even stronger resistance of $6,600.

Flat Relative Strength Index (RSI) signals that the chance to escape from the range any time soon is minimal.

BTC/USD, 4-hour chart