Price Analysis

Bitcoin (BTC) Strengthens Even More; May Surpass the $10k Milestone Soon

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  • Bitcoin is most likely to cross the $10k mark before it approaches the month-end; the coin is set to knock the barriers above $9900 once again this month; can we thank the recent halving for this?
  • The 200-day EMA line poses as a support level; the coin seems rock-solid above $9000 right now; bullish candles consolidate the possibility of a bullish scenario

Bitcoin Price Analysis

Bitcoiners are just a bit away from their seventh heaven as its price trend is confidently nearing the $10,000 mark. We still cannot deny any chance of pullback in such an unpredictable set up but, who knows, if the uptrend continues, then we will soon witness the twitter flooding with #Bitcoin.

Around a week ago, the BTC/USD had attempted to climb above $10,000, but the bulls took a downside turn to test support levels below $8600. Bitcoin has formed a few bullish candles from there and is set to target the $10,000 mark again.

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BTC/USD Chart By TradingView

If we look at Bitcoin’s multi-month price path, it shows how the price has kept the 38.20% fib level intact. The currency has noted an enormous upward price journey since mid-March; after all, a 116% price recovery in the backdrop of a pandemic like novel Coronavirus is not every investment asset’s cup of tea.

Moreover, the Bitcoin price is above the 200-day EMA line and is still moving away. Also, the MACD indicator is set to have a bullish crossover.

BTC News

Bitcoin had a bullish breakout after it went as low as $4595. The coin has been forming a strong bullish trendline since the last few weeks, and if the bullish scenario continues, then BTC price may cross the $10,000 mark soon over the next 24 hours.

However, if the market goes the other way, it may see a few corrections before crossing the $10,000. In that case, bulls may consume some more nights to touch the psychological price mark of $10k. If you are thinking to invest in Bitcoin then it is the right time to invest. You can also invest or buy it through a platform like Bitcoin Up that can surely make you earn a massive profit.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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