- Bitcoin trades above $10,700 just sometime back and gains a direction as BTC/USD spikes.
- The market cap has also gained the required traction with the recent price surge.
- The current trading scenario may either move flat or even surge, as the 75% of the candles are green which direct towards a bullish uptrend.
Bitcoin is currently trading with a 1.22% growth over the past 24 hours. The day opened with a surging trend and at present, the future trend also points out towards a bullish crossover only. The candle formation well supports the Bull trend to happen.
Tracing the 30 minutes movement of the coin (data feed from Coinbase) over the past 1-day, we see that BTC price bounced back to $10,730.99 after having corrected downwards from $10,587.60 to $10,454.54. Bitcoin price escalated by 2.64% and crossed its key resistance at $10,500 and $10,700. With this the coin is currently trading at $10,688.94.
When observed closely, the RSI was above 70 at the time BTC price went beyond $10,700. This shows the overbought phase of the security.
BTC since the start of the week is range bound with a bullish crossover only. This makes its lovers and investors believe that the past week was just a bump in the road.
Unlike the previous week’s trading duration, this week’s price and momentum looks quite promising. Bitcoin can end the year on a good note if the current price rally pushes the coin to persistently trade at $11,000 and beyond.
The current price and trend have a rooted support from the short as well as the long-term moving averages. Bitcoin price (at 04:43 UTC) is notably above by 2.02%, 4.66% and 3.35% from 30-day SMA, 100-day SMA and 10-day EMA.
The MACD of the coin has a gaining momentum in the bullish horizon as the MACD line is above the Signal line.
Resistance level: $10,800 and $11,000
Support level: $10,500 and $10,000