Price Analysis

Bitcoin Hits Above $10k and Appears Strongly Bullish in the Intraday

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Bitcoin price hits above $10k yesterday, just at the onset of the month after an almost flattish trend in the previous month. Moreover, the currency in the previous month was trading on a mixed note and had breached above $10k briefly in the first week of the previous month. Just when the price of BTC had hit above $10k momentarily in May 2020, we also saw an immediate price dump in the same week when the Bitcoin price retested the support around $8.1k.

However, it was just yesterday when the BTC price touched above $10k after almost 30 days of pullback and the global crypto exchange, Coinbase with massive networkers on board went offline. Moreover, it has not been once that Coinbase lost its network in the nearest time. We have heard many instances from the recent past about the crashing of the exchange at an imminent point of time. However, for crypto traders, there happens to be no fixed time when the market is open, and the traders can trade. Since the market is open 24*, the traders do not afford to lose any instance of missing the right opportunity to long or short.

But, the crash of Coinbase is something that may trigger a lot of networkers. This takes us to raise questions such as any spam activity or any whale movement, thereby on the exchange, which has led to the crash of the system or a technical glitch?

Moreover, it was just towards the end of the previous month when the massive investment bank, Goldman Sachs has commented, “Cryptocurrencies including Bitcoin are not an asset class,” to which many crypto proponents commented that it is much more and in that lieu, many commented that it is a sovereign currency.

One of the BTC Whales, Changpeng Zhao, CEO of the globally renowned crypto exchange Binance considers Bitcoin as sovereign currency, and he also publicly tweeted about the same. To everyone echo doubts the capability of what Bitcoin is and what it can do, it is simple yet complex—Bitcoin is power that is likely to drive the entire financial system if centralized with stated norms and regulations.

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

On the 4-hourly chart, Bitcoin exhibited a steep rise above $10k against the US Dollar and was trading above $10k at the time of penning down. While its intraday recovery, it took at stall around the major resistance of $10.5k at $10,443 and pulled back at the beginning of the day, today. BTC is retaining steady support from 50-day and 200-day MA against the greenback and is ready for an amazing month after a flattish and mixed momentum throughout the previous month.

The technicals of Bitcoin are hitting the bullish extremities, and the MACD is crossing above the signal line, and the RSI already hints about the increasing demand of the crypto as it lies at 69.78. If you want to invest or trade-in Bitcoin then BitTrader is the perfect platform for you, It is a platform that mainly focuses on making a huge profit from Bitcoin. Check BitTrader Review to know more about this unique and innovative platform.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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