Bitcoin Price Analysis: BTC/USD soars past $10,000 for the first time in 2020

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  • Bitcoin price makes the grand comeback above $10,000; all eyes on $10,100.
  • If rejected at $10,100, BTC will seek support at $10,000 and $9,750 respectively.

Bitcoin price has advanced above the key $10,000 level. The move occurred following consolidation around $9,750. Moreover, the momentum ignored a double-top pattern that has been discussed several times this week. Most analysts believe that the bullish action could continue in the near term.

At the time of writing, Bitcoin is trading at $10,094 after rising 1.91% on the day. The trend remains bullish while volatility is high. The RSI is currently in the overbought region and moving further up. It shows that the bulls are in the driver’s seat and are not ready to give up control.

If the resistance at $10,100 is not cleared, Bitcoin is likely to retreat towards $10,000 in order to balance, create more demand and launch another shot upwards. The first, trendline (green) is positioned to hold the price above $9,750 (former consolidation zone). The second accelerated trendline (dotted) will also prevent the price from diving further towards $9,500 while the main trendline could put a stop to losses heading to $9,000.

The 50 SMA at $9,500 on the 4-hour chart will also function as a support area. The 100 SMA is holding the ground at $9,192 (likely to be the last resort if Bitcoin plunges towards $9,000).

BTC/USD 4-hour chart

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