Bitcoin technical analysis: BTC/USD another opportunity for the bulls tracking closely to a critical barrier

Bitcoin price in the session on Monday is trading with minor gains of some 0.10%.
BTC/USD bulls are trading ever so close to a critical barrier of resistance, as part of a narrowing triangular structure.
A game-changing barrier appears to be at the round pychological $10,500 mark.

Ken Chigbo Independent Analyst

Spot rate: 10,334.10

Relative change: -0.90%

High: 10,376.76

Low: 10,289.73

BTC/USD daily chart

BTC/USD is flirting with a barrier of resistance, the upper acting trend line of a large narrowing triangular structure.

BTC/USD 60-minute chart

Price action is narrowing within a range-block formation, subject to an imminent breakout.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

Crypto Today: Bitcoin, Ethereum, XRP trade under sustained selling pressure despite mild ETF inflows

Cryptocurrency prices remain under pressure as a risk-off mood persists on Friday, with Bitcoin consolidating its losses above $62,000. Altcoins, including Ethereum and Ripple, are extending their weakness, trading near lower support levels around $1,600 and $1.12, respectively.

Bitcoin Weekly Forecast: After the bloodbath, everyone looks at $60,000

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit. A reactionary spike in on-chain activity and social chatter, reflecting a strength of community, but fails to absorb the price decline.

Arthur Hayes' “Holy Trinity” is dead: Exits Zcash after Orchard Pool exploit

Arthur Hayes dumped his entire Zcash holdings on Friday, a day after selling his HYPE and NEAR holdings. Zcash is down 13% so far on Friday, extending the 26% drop from the previous day.

Bitcoin: After the bloodbath, everyone looks at $60,000

Bitcoin (BTC) hovers above $62,000 at the time of writing on Friday, weighed down by growing risk-off sentiment due to persistent geopolitical tensions in the Middle East and sticky macroeconomic uncertainty. The institutional sell-off continued to wreak havoc on capital flows, with spot Bitcoin Exchange-Traded Funds (ETFs) recording billions in outflows.

Legal Text

Editor's Picks