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Bitcoin Price Analysis: BTC/USD closing in on the big $10,000 mark

FX Street
Updated:
  • Bitcoin price is trading in positive territory, up 1.25% in the second half of the session. 
  • BTC/USD bulls are breaking out of a bullish technical structure, inviting fresh upside momentum. 
  • There does not appear to be too much in the way of a return into the big $10,000 territory. 

 

BTC/USD daily chart

The bulls managed to breakdown the heavy supply that was seen within the 9200 – 9500 price range. 

                     

BTC/USD 60-minute chart

Near-term price action is breaking out of a pennant structure, inviting a fresh wave of upside pressure. A retest has been observed which has so far held. 

Spot rate:                9731.05

Relative change:     +1.25%

High:                        9856.31

Low:                         9520.96

 

 

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