• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Top 3 Reasons Why Bitcoin Could Surpass $10,000 Despite Recent Correction

Aayush Jindal by Aayush Jindal
8 months ago
in Bitcoin, Technical analysis
Reading Time: 2min read
Bitcoin
Advertisement
Listen to Article

Bitcoin is currently correcting lower from the $9,950-$10,000 resistance zone against the US Dollar. BTC price is likely to bounce back as long as it is above the $9,500 support.

  • Bitcoin is currently showing a few bearish signs, but it is still above key supports such as $9,500.
  • The price is finding a strong buying interest near $9,560 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $9,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could surge towards $10,000 unless it breaks the $9,500 support and the 100 hourly SMA.

Bitcoin Testing Key Supports

Bitcoin retested the $9,950-$10,000 resistance zone against the US Dollar, but it failed to continue higher. BTC price traded as high as $9,945 and recently started a downside correction.

It failed to stay above the $9,800 and $9,700 levels. The decline was such that the price even spiked below the 50% Fib retracement level of the upward move from the $9,252 low to $9,945 high.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

However, bitcoin is currently finding a strong buying interest above the $9,500 level and the 100 hourly simple moving average. The 61.8% Fib retracement level of the upward move from the $9,252 low to $9,945 high is also protecting more downsides. A confluence of these three factors could prevent a downside break and the price might start a fresh increase towards $10,000.

It seems like there is a major contracting triangle forming with resistance near $9,700 on the hourly chart of the BTC/USD pair. If the pair breaks the triangle resistance, it could start a fresh increase in the near term above $9,750.

Bitcoin Price
Bitcoin Price

The first major resistance is near the $9,780 and $9,800. The main resistance is still near the $9,950-$10,000 zone, above which there are high chances of a sustained upward move in the coming days.

Bearish Break?

If bitcoin fails to climb higher above $9,700 and $9,800, it could react to the downside. A clear break below the triangle support, $9,500, and the 100 hourly SMA might initiate more losses.

The next key support is near the $9,400 level, below which the price is likely to continue lower towards the $9,250 support level. Any further losses may perhaps push the prince in a downtrend towards the $8,500 level.

Technical indicators:

Hourly MACD – The MACD is currently moving in the bearish zone, with negative signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.

Major Support Levels – $9,500 followed by $9,250.

Major Resistance Levels – $9,700, $9,800 and $10,000.

Featured image from unsplash.

Tags: bitcoinbtcusdBTCUSDTxbtusd
TweetShare141
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Ethereum (ETH)

Fractal Suggests Ethereum May Face Further Chop Before Seeing Parabolic Rally

44 mins ago
Technicals Point To Extended Ethereum Dominance Over Bitcoin

Technicals Point To Extended Ethereum Dominance Over Bitcoin

2 hours ago
Bitcoin

Bullish Dumping: Bitcoin Sheds Thousands Off Price as Funding Rates Reset

6 hours ago
Chainlink (LINK)

Charted: Chainlink (LINK) Holding Uptrend Support, Why It Could Rally Again

14 hours ago
Ethereum

TA: Ethereum Corrects Lower, Why Dips In ETH Remain Attractive

16 hours ago
Bitcoin

TA: Bitcoin Signaling Further Correction, Why BTC Could Revisit $33K

18 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bit.com To Launch Industry’s First BCH Options

January 20, 2021

NOWPayments Presents: Fiat Conversion

January 20, 2021

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.