Bitcoin price analysis: BTC/USD upside momentum firming, $10,000 eyed

  • Bullish momentum gathers pace for BTC/USD
  • Price up over 60% from last week’s lows
  • $10,000 next potential test of resistance

 

The Bitcoin price is continuing to gather bullish momentum, in its current move to the upside, seen up around 9% on Thursday. General market jitters within the crypto space, have some what eased over the last few trading sessions. The price is now up over 60% since the lows produced last week on SEC and China panic, however, still down around 100% from the highs printed at the back end of 2017.

Technically the wind is behind BTC/USD in its move north, the price has made a move above the 61.8% Fibonacci, with eyes locked in on the phycological $10,000 mark. Further to the upside, would see resistance at the top of the channel, seen heading into $12,000, this is also where the 100 DMA currently sits, looking on the daily time frame. 

 

BTC/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.