Bitcoin price analysis: BTC/USD glances towards pivotal $10,000 milestone

  • Bitcoin brilliant move past $10,000 hit pause short of $10,200 hurdle.
  • Tentative bullish pressure at $9,650 support faces $9,800 stubborn resistance.


BTC/USD 1-hour chart


Bitcoin is fluctuating at $10,000 ahead of the weekend trading sessions. An explosive breakout on Thursday thrust Bitcoin past $10,000 from support around $9,500. However, due to diminishing buying power, the resistance at $10,200 remained largely untested.

Instead, the bears took charge of the price with overwhelming pressure. BTC plunged under $10,000 trimming most of the gains achieved. In addition to the immense congestion of sellers at $10,200, the trendline resistance and the 100 Simple Moving Average (SMA) 1-hour chart made it difficult for the bulls to propel Bitcoin towards $10,000.

Following the second dip under $10,000 in the same week, short-term support has been formed at $9,650. Tentative bullish pressure at the support has seen BTC make a shallow recovery above $9,700 but $9,800 resistance level remains unconquered.

The technical picture is leaning to the bullish side. However, without a catalyst or an avalanche of bullish pressure, the upside will remain limited. The Relative Strength Index (RSI) made a move from around 30 but now is leveling at 44. A compelling move past the average could revive the bulls' interest in the recovery.

Source: https://www.fxstreet.com