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  • Bitcoin has resumed the upside trend after a short-lived consolidation period.
  • Once $10,000 is broken, the bullisn trend will gather speed.

Bitcoin resumed the upside trend after a short period of consolidation and hit a new high of 2020. At the time of writing, BTC/USD is changing hands at $9,6720. The first digital coin has gained 3% in recent 24 hours and 1% since the beginning of the day. Despite a strong growth, Bitcoin market dominance continued declining as many altcoins have registered double-digit gains.

$10,000 is just a beginning

A founder of Blockroots, Josh Rager, who is also popular crypto twitter analyst, noted that a sustainable move above $9,550 would result in a strong growth towards $10,000 and $11,000. 

For you $BTC bears in denial, the trend has officially changed & many still don’t seem to understand that I made a chart to show you what it looks like when a trend changes to higher-highs and higher-lows It’s a simple concept BTC even closed above a key level at $9550. 

According to his chart, Bitcoin has been creating a series of higher lows, indicating that a bullish trend is in place.

BTC/USD: Technical picture implies that $10,000 is within reach

A the upside momentum is gaining traction, the price may test $10,000 soon. A sustainable move above the recent high of $9,772 will unleash the bullish potential and push the price towards the critical resistance. Once it is broken, $10,150 will come into focus. This barrier is created by 23.6% Fibo retracement for the downside move from July 2019 high to December 2019 low. The next target is $10,500. It includes the previous recovery high and the highest level since October 2019.

On the downside, the first important barrier comes at $9,300. It is reinforced by 38.2% Fibo retracement for the above-said move. This area has been limiting the recovery since the beginning of February; now it has transformed to a strong support. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $9,000 and $8,850, which is SMA200 daily. This area will stop the sell-off for the time being and help to create a condition for another bullish wave.

BTC/USD daily chart