HomeBitcoin NewsBitcoin Price Analysis: BTC Bulls Remain In Driver’s Seat

Bitcoin Price Analysis: BTC Bulls Remain In Driver’s Seat

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  • Bitcoin price climbed higher again after a short term correction to $9,700 against the US Dollar.
  • The price revered losses and climbed to a new yearly high at $10,400.
  • There is a key bullish trend line forming with support near $9,870 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to extend its rise above the $10,420 and $10,500 levels in the near term.

Bitcoin price is trading in a strong uptrend above $10,000 against the US Dollar. BTC is likely to extend its gain above the $10,500 and $10,800 levels in the near term.

Bitcoin Price Analysis

This week, there was a downside correction in bitcoin price below the $10,000 level against the US Dollar. BTC traded below the $9,940 support area to move into a short term correction zone.

Moreover, there was a break below the $9,820 support area. Finally, the bulls appeared near the $9,700 level and the 55 simple moving average (4-hours). A swing low is formed near $9,705 and recently the price started a sharp increase.

There was a solid rally above the $9,900 and $10,000 levels. The bulls gained strength and the price rallied above the $10,200 resistance area.

Finally, the price traded to a new 2020 high at $10,400 and it is currently consolidating gains. An initial support is near the 23.6% Fib retracement level of the recent upward move from the $9,705 low to $10,400 high.

The first key support is near the $10,180 level, below which the price might correct towards the $10,052 level. It represents the 50% Fib retracement level of the recent upward move from the $9,705 low to $10,400 high.

More importantly, there is a key bullish trend line forming with support near $9,870 on the 4-hours chart of the BTC/USD pair. Therefore, dips towards $10,000 and $9,870 remain well supported in the near term.

On the upside, an initial hurdle is near the $10,400 and $10,500 levels. A successful break above the $10,500 level could open the doors for more gains in the coming sessions. The next target could be $10,880 or $11,000.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is gaining strength above the $10,000 and $10,250 levels. It seems like the bulls are aiming an upside break above the $10,500 and $10,600 levels in the near term.

Technical indicators

4 hours MACD – The MACD is currently moving nicely in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is currently rising towards the 75 level.

Key Support Levels – $10,180 and $9,870.

Key Resistance Levels – $10,400, $10,500 and $10,800.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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