Bitcoin Price Analysis: Bitcoin Consolidates above $10,600

• The firm bullish grip is being confirmed by the positive Moving Average Convergence Divergence (MACD).

• The Relative Strength Index on the daily timeframe upwards inclination shows that buyers are gaining momentum.

• The bulls have been defending the most important zones at $10,500, $10,000and $9,000 supports levels.

Bitcoin has been holding gains and managed to avert the bear action on Thursday to defend the tentative support at $10,500. Following the recent recovery move from lows around $9,400, BTC/USD broke the resistance trendline at $9,840. Re-energized bulls pushed the price towards $11,000 but hit the brakes around $11,800.

BTC has defended the most important zones at $10,500, $10,000 and $ 9,000 supports levels. At press time, Bitcoin has a market value of $10,725 following a 1.39% market change today. We are expecting resistance to build around $10,800 and $10,900 respectively.

The Moving Average Convergence Divergence (MACD) is a positive 14.954, confirming the strong bullish grip. The positive divergence signifies the growing energy as buyers prepare to trade.

The Relative Strength Index on the daily timeframe relatively inclines upwards; this shows that the buyers are gaining momentum. Bitcoin could also revisit higher levels of around $12,000.

BTC Key Technical Levels    

Spot rate: $10720

Relative Change: +143.92

Open: $10575

High: $10,800

Low: $10564

Short-term trend: bullish

BTC/USD 4-hour chart