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Price Analysis

Bitcoin Price Analysis: Will BTC Bulls Keep the Price Above $10,000?

  • Bitcoin is correcting up at present, saw a recent dip at $10,083.07
  • BTC price appears at a crucial mode, a price move below $10,000 can invite an extended price fall
  • Bitcoin has covered a price range between $10,246.72 to $10,000 over the last 4 hours
  • BTC seems to have a support level between $10,050 to $10,085

Bitcoin has recently started to move upwards against U.S.Dollar as it has found support near $10,083.07. Notably, over the last 24 hours, Bitcoin price has been manifesting a positive change and this is going to uplift the major altcoins to a certain level.

BTC was at $10,161.05 at 6:30 UTC, from where it formed two immediate price spikes near $10,238.27 and 10,246.08. Then the price pulled back to $10,185.84. Bitcoin, now, steadily started to move up to trade above $10,246.73 but couldn’t, and returned to the price range above $10,100. 

Later, at 10:01 UTC, Bitcoin saw a price drop at $10,083.07 with a price decline of 1.60% from its recent high price point of $10,246.73. BTC price is recovering now and is at $10,131 at 10:30:55 UTC, after tracing a bullish trendline.

BTC/USD Price Chart

Bitcoin Price Chart
Bitcoin Price Chart

Bitcoin’s short term SMA line (10-days) is below its long term SMA line (100-days) indicating bearish momentum, but they are about to have a crossover which can turn on the bullish phase for the coin.

Also, its current price is above its 100-day SMA of $9922.53, with a difference of 2.10%. Despite these positive signs, Bitcoin is trading under selling pressure.

Bitcoin Price Prediction & Technical Indicators:

MACD for BTC/USD is heading for the bearish zone with its MACD line moving below the signal line. RSI for the coin is just below 50, showing no extremities. Bitcoin may see resistance at $10,298.89 and $10,466.71, and, support at $9,897.35 and $9,663.63.

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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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