Bitcoin Takes a Bullish Leap and Hits a Fresh 2020 High at $10,300

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Bitcoin soars back in the old weekly trading price range as it joins the Bull rally again after two days of relaxation. With this BTC marks a fresh 2020 high above $10,300 in the past 24 hours and is likely to face major resistance at $10,400.

As per the previous anticipations given, we totally believed the growth injected and Bitcoin halving that is around the corner, which confirms that this is not an illusion but a reality. BTC bulls are still in control until we see consequent lower low forming within the trading range.

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With several questions being raised regarding Bitcoin testing supports at $9.5k or soaring to $10.5k, it is likely to answer with two options viz.,

BTC is likely to face strong resistance at $10,400, followed by $10,500 and is believed to consolidate and retest support at $10k and $9.8k.

Having tested the said supports, the coin is likely to take a rolling momentum as we anticipate a steep rise above $10.5k. And, the Bull Run remains intact irrespective of a few pullbacks as the ultimate investment tool, aka safe haven, gives it a shot above $10k again, helping us believe the power.

We rightly believe in the above headline, “Bitcoin in Rally Mode,” and why should one not? After all, the coin has recorded over 43% growth in just six weeks of the ongoing year from trading opening the year around $7,200 to currently hitting at $10,300.

Bitcoin Price Analysis

Bitcoin (BTC) Price News
BTC/USD Chart by TradingView

Analyzing the above 4-hourly movement of BTC/USD on Bitfinex, we see that the coin has been forming consistent higher highs as the instigated Bull Run continues. The uptrend remains intact as Bitcoin takes a bullish turn above $10,000 after two days of testing supports around $9,700. And this timely bullish divergence helped BTC not to dip as low as $9,500 over the past 48 hours.

After a span of volatile move, the current movement is rightly supported by 50-day and 200-day daily MA, and we do not foresee any unpredictable volatility at present.

Technical Indicators

The MACD of Bitcoin holds a bullish crossover as the MACD line crosses above the signal line with a moderate width of 20-day Bollinger Bands.

Similarly, the RSI of the coin is at $68.28 and is likely to hit above 70 in the overbought zone.

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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