Since the previous week, the cryptocurrency market has grown steadily. After a major explosion beyond $10,500 and $10,800 Bitcoin undoubtedly dominates the crypto space right now. Bitcoin (BTC) bulls succeeded in breaching $10,500, the 2020-high, and encountered virtually no opposition until $11,000. This level was defined as the high of the year in mid-February 2020 and is the most critical level of resistance up to $11,000. The significant increase occurred as price explodes past key $10,500 while the sought after $11,000 attract bulls. The BTC market cap currently stands at $198.37 billion, with $28.23 billion traded in the past 24 hours. At the time of publication, BTC/USD increases in value at $10,853, having risen more than 8.5 percent since the day commenced. Investors seeking to use Bitcoin as a hedge against inflation amid safe-haven bid during uncertainty and the decline of the US Dollar pushed prices up. Bitcoin is also viewed as a digital gold as its physical counterpart hit all-time-high during early trading hours on Monday.
*The significant increase occurred as price explodes past key $10,500 while the sought after $11,000 attract bulls
* At the time of publication, BTC/USD increases in value at $10,862, having risen more than 8.5 percent since the day commenced
*Investors seeking to use Bitcoin as a hedge against inflation amid safe-haven bid during uncertainty and the decline of the US Dollar pushed prices up
Resistance Levels: $13,500, $12,300, $11,000
Support Levels: $10,500, $10,000, $9,500
BTC/USD Daily Chart: Bullish
BTC/USD Daily Chart
As stated earlier in Kryptomoney Bitcoin (BTC) article, Bitcoin price activities over the weekend were outstanding. Attributed to the fact that bulls overcame many potential obstacles like $9,500, $9,800 and the towering $10,000, the last seven days of trading have netted markedly for Bitcoin. The pattern is overwhelmingly bullish, as uncertainty increases. This implies that BTC/USD has great potential for more upward activity, directly attacking $11,000 at this moment.
From a technical point of view, Bitcoin is in bull hands. For reference, the RSI retains over 90. Whereas the indicator is now overbought, it shows no indication of a reversal. In the positive territory, the MA 50 and MA 200 are both shifting horizontally with bullish support enhancing the bulls’ huge dominance over price. For now, gains are likely to persist to establish support beyond $10,000.
BTC/USD 4-Hour Chart: Bullish
BTC/USD 4-Hour Chart
Bitcoin is beginning to consolidate its momentum upside after bulls broke through the $10,000 threshold on the lower time frame. Technical analysis suggests that if the $11,000 resistance level is surpassed, the BTC/USD pair may surge towards the $12,300 mark. On the contrary, a daily price close beneath the $10,500 resistance turned support level may suggest a misleading upside split for BTC/USD pair.
The intraday RSI is bullish in an upward position, which implies that the price may stay upside for some time until being corrected lower. The BTC/USD pair remains bullish while exchanging beyond the level of $10,000, key resistance is seen at $11,000, and $12,300. If the BTC/USD pair exchanges beneath the level of $10,500, then sellers may test the levels of $10,000 and $9,800.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock