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Will Bitcoin Breach $10,000 this Week Again?

Amid the still growing fears of Coronavirus, strong and frequent price predictions of BTC are making rounds in the market considering the upcoming Bitcoin halving. Meanwhile, the coin itself is maintaining suspense as it is neither crossing $10,000 with a strong rally nor is it showing any sure-shot negative sign.

  • Bitcoin spent a bullish weekend recently; bears target BTC price trend as the week starts

Last Sunday was more than just moderately bullish for Bitcoin price as it remained in the positive zone till Monday morning. The coin even traded above $10,000 momentarily before the strong pullback hit the coin. This was precisely notable as BTC went above $10,000 after at least 4 long days.

Yesterday, Bitcoin saw bears coming in as it has formed clear lower highs with a steep price decline. BTC stopped the price drop near $9524, and today, even that support level has been breached for once. Also, the coin is still below the 38.20% fib level.

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BTC/USD Chart By TradingView
  • BTC crucially needs to stay afloat above $9500 to avoid any possible price deterioration

Bollinger bands moderately wide noting a possible price fluctuation while moving averages are showing a bearish phase. It seems bulls are finding it pretty tough to keep Bitcoin away from the dips. A sustained price trend above $9500 is a must for the coin to maintain investors’ risk appetite.

  • The coin has dragged its support level downwards while the investors are holding selling sentiment

Today’s initial price actions were quite disappointing as the coin went as down as $9490. A strong bearish trendline added a bit more negative sentiment to the price trend; however, now we can have a sigh of relief.

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  • Today, the coin has already tested support level a little below $9500; Bitcoin has started an upward movement, but hurdles are yet to leave its path

Very recently, Bitcoin has formed an SR flip with a sharp price move (thankfully positive!) above $9600. The coin has even tested resistance at $9680 but faced rejection. With the recent price spike, BTC has reached above the 100 Fib level.

Bitcoin is most likely to go through a price correction at present, yet, MACD and RSI both are exploring the bullish zone.

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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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