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Bitcoin has been on a roller coaster ride recently. Earlier, the price went through the bearish momentum which has been recovered recently. Now BTC price is trading above $10,500 again.
The crypto markets were taken aback earlier today when Bitcoin bulls stepped up and propelled Bitcoin to surge over $10,000 in a mere matter of minutes that marked a significant change of tides for the cryptocurrency. BTC has been facing consistent selling pressure over the past several days and weeks. The recent surge came about after a long period of downwards pressure that sent Bitcoin reeling down from its year-to-date highs of $13,800, which is the price where the recent wave of selling began. Earlier this week after Bitcoin had plummeted below $10,000, the price stuck in a bear trend that was likely to send its price significantly lower. However, the recent price surge seems to invalidate this theory indicating that the bull run is back on.
The recent meteoric rise and subsequent drop have marked one of the most volatile periods in Bitcoin's history, just slightly lower to that seen in late-2017 during the massive bull run. Although the recent pullback has certainly spelled trouble for Bitcoin bulls, the cryptocurrency is still in a firm uptrend as it is currently trading up a whopping 215% from its 2019 lows. As the upward momentum persists, Bitcoin is expected to climb higher as it remains above $10,500 area with a daily close in the coming days.
TECHNICAL OVERVIEW:
The price gained impulsive bullish momentum recently that pushed the price above $10,000 with a single 1-hour candle which later settled above $10,500 with certain downward corrections. There have been no signs of Bearish Divergence. It indicates that the odds are for the price pushing above $11,000 and higher in the coming days. As the price remains above $10,000 with a daily close, the bullish bias is expected to continue.
TECHNICAL LEVELS:
SUPPORT - 9,400, 9,500, 10,000,10,500
RESISTANCE - 11,000, 11,500, 12,000
BIAS - Bullish
MOMENTUM - Volatile
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