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  • Bitcoin resurfaces above $9,800 following a steady recovery from lows of $9,500.
  • Bitcoin is technically ready to pull towards $10,000 but the momentum indicator shows that fundamentals are not supporting.

Spot rate: $9,770.52

 Relative change: 70

Percentage change: 0.7%

Trend: Bullish

Volatility: High

BTC/USD daily chart

BTC/USD price chart

Bitcoin bulls fight the effects of the price sliding below a rising wedge pattern. Recovery from lows at $9,500 has been steady. However, the momentum appears to have fizzled out at $9,800. The possible cross of the 50-day SMA above the 200-day SMA could further cement the bulls’ position and influence over the price. In other words, bitcoin still has the potential to return above $10,000.

BTC/USD 4-hour chart

BTC/USD price chart

Bitcoin’s immediate upside is capped by the 100SMA while the 50SMA will stand in the way of gains above $10,000. The slow stochastic oscillator suggests that the bulls are back in action. However, the momentum indicator signals that they still lack enough power to pull towards $10,000.

 

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