Bitcoin Price Holds Strong at $10,000: A Strengthening Case for More Gains

Aayush Jindal

1 year ago

2 mins read

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Bitcoin rallied over 4% and it broke the key $10,000 resistance against the US Dollar. BTC is showing a lot of positive signs and it is likely to rise further above $10,200.

Bitcoin gained bullish momentum above the $9,800 and $10,000 resistance levels.
The price is now holding strong at $10,000 and it is well above the 100 hourly simple moving average.
There is a connecting bullish trend line forming with support near $10,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher above $10,150 and $10,200 in the near term.

Bitcoin Price Settles Above $10,000

This past week, bitcoin successfully settled above the $10,000 resistance against the US Dollar. BTC extended its rise above the $9,800 resistance and settled well above the 100 hourly simple moving average.

As a result, the bulls gained strength and the price rallied over 4% to break the $10,000 barrier. A new monthly high was formed near $10,199 before the price started a downside correction. It corrected lower more than $250 and tested the $9,800 support zone.

A low is formed near $9,818 and the price is currently rising. It surpassed the $10,000 resistance, and the 50% Fib retracement level of the recent downside correction from the $10,199 high to $9,818 low.

Bitcoin price above $10,000. Source: TradingView.com

There is also a connecting bullish trend line forming with support near $10,000 on the hourly chart of the BTC/USD pair. The pair is currently testing the $10,100 zone, plus the 76.4% Fib retracement level of the recent downside correction from the $10,199 high to $9,818 low.

A successful close above the $10,100 level may perhaps open the doors for a fresh increase in the near term. An initial hurdle is near the $10,200 level, above which the price might climb towards $10,500.

BTC Stable above $10,000

It seems like bitcoin price is holding strong above $10,000. If it declines below the trend line support and the $10,000 support, there are chances of a fresh decrease towards $9,800.

The first major support below $9,800 is near the $9,750. Any further losses may perhaps open the doors for a test of the $9,500 support zone. An intermediate support could be near $9,650 or the 100 hourly simple moving average.

Technical indicators:

Hourly MACD – The MACD is again gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Levels – $10,000, followed by $9,800.

Major Resistance Levels – $10,100, $10,200 and $10,500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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