- Bitcoin embarks on the journey back to $10,000 after a flash drop to $8,100 last week.
- BTC/USD has room for growth as $10,000 draws nigh; overbought conditions still at bay.
Bitcoin price is towering above the cryptocurrency landscape with gains in the excess of 4% on the day. The trading has been yielding for the bulls after BTC/USD advanced from the opening at $9,318 to the intraday highs at $9,797. It is not clear if the halving effect has finally arrived or how far this momentum will go. Whichever the case, it is a welcome picture especially after the devastating free-fall to $8,100 last week.
At the moment, Bitcoin is trading at $9,780 after a slight adjustment from the intraday high. Glancing upwards resistance is expected at $9,800 and $10,000. Gains above the ascending channel could be the technical breakout Bitcoin bulls have been waiting for in order to push towards $20,000 (all-time highs).
From a technical perspective, Bitcoin is poised for more action to the north because overbought conditions are still at bay. If $10,000 is not broken soon, a reversal could ensue. In this case, support is expected at $9,500, $9,200 and $8,800. For now, the trend is in the hands of the bulls even as the 50-day SMA closes the gap towards the 200-day SMA.
BTC/USD daily chart
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