Price Analysis

Bitcoin Price Analysis: Bulls are Back in the Race as BTC Shoots Above $10,500 Again

  • Bitcoin price resumes its position above 10,500, forms support near $9800 and $10,000
  • BTC currently battling with resistance below $10,600
  • BTC has reached above 10,000 only in 2 hours, $9321.17 has acted as a strong support
  • A steady surge above $10,700 is anticipated if Bitcoin manages to clear the resistance

Bitcoin has resumed an increase in its price after a week-long bearish phase and the coin is bullishly trading against U.S. Dollar. The increase over a short span of time has impacted the crypto market in a positive manner.

Yesterday, Bitcoin had its price range between $9600 to $9800 initially, after which it dropped to $9385.02. Extending its price fall, it tumbled to $9321.17 where it saw strong support to start its price recovery. The Bitcoin then sharply reached $10083.87 and here it continued its steady increase to $10745.52.

Here it has struck a price surge of $15.70 from its 24-hour low price point of $9,376.80. BTC has corrected down to $10,522.26 and since then the coin has maintained its price range around $10,500 to $10,600. At 04:29:43 UTC, Bitcoin was trading at $10,568.65 with an increase of 8.97% over a day.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

Bitcoin price seems to have stepped out of the Selling pressure and is in neutral zone after such an increase in its price. Though the coin is 5.10% lower than its 30-days SMA of $11137.46 but is ahead of its 5-day SMA.

Only in 2 hours, Bitcoin has cleared major resistance levels near $9500, $9800 and $10,100. The coin is currently in an attempt to trade above the price barriers near $10600.

Bitcoin Price Prediction & Technical Indicators:

The MACD chart for the coin is lowly volatile and it just had a bullish crossover. RSI for BTC/USD is just below 50 showing a stable momentum. BTC price may see resistance at $11,143.28 and $11,620.08 while continuing the surge. BTC may see support levels at $9,783.24 and $8,900 if any price drop takes place.

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Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work. You can also contact her on Linkedin or Facebook.
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