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.
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.
"In a world where central bankers are tripping over themselves to devalue their currency, Bitcoin wins. In a world of fiat currencies, Bitcoin is the victor."
— Pomp 🌪 (@APompliano) February 12, 2020
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
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.
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.