Bitcoin Price Analysis: BTC/USD blasts past coveted $10,000 as $11,000 beckons

0
  • Bitcoin price majestically extends last week’s triangle breakout above the critical $10,000 level.
  • BTC/USD is primed for gains past $11,000 according to the prevailing technical picture.

Bitcoin price actions over the weekend have been impressive as reported by FXStreet. For the first time since June, the price pierced the $10,000 mark to record new July highs at $10,196. The last seven days of trading have yielded greatly for Bitcoin owing to the fact that bulls overcame several key barriers including $9,600, $9,800 and the grand $10,000.

At the time of writing, Bitcoin is back to trading above $10,000 following a bounce from the opening value of $9,942. The trend is mainly bullish amid expanding volatility. This means that BTC/USD has great potential for more upward movement, currently targeting $11,000.

Bitcoin technical analysis

From a technical perspective, Bitcoin is in the hands of the bulls. The RSI, for instance, is holding above 70. Although already overbought, the indicator is not showing any signs of a reversal. The MACD is also moving higher within the positive territory with a bullish divergence reinforcing the massive influence of the bulls over the price.

Another key bullish indicator is the 50-day SMA extending the gap above the MACD. Gains are likely to continue, in the meantime, stabling support above $10,000 is key for the price action targeting $10,000.

BTC/USD daily chart

BTC/USD price chart

Get the 5 most predictable currency pairs

About Author

Comments are closed.