- Bitcoin price remarkably takes down the $9,000 critical level as bulls focus on breaking the next key hurdle at $10,000.
- The prevailing technical picture remains positive despite the RSI’s overbought condition.
Bitcoin has impressively soared above $9,000 after taking down several key resistance zones in less than 24 hours. The largest cryptocurrency by market capitalization closed the day on Wednesday at $8,790, although it commenced the trading under $7,900. Gains have been easy to accrue especially with the block reward halving around the corner. It is apparent that investors, both institutional in retail are taking their position for another historical rally pre and post-halving.
At the time of writing. BTC/USD is trading above $9,150 and could soon break past the next level at $9,500. Volatility levels remain high amid a strong bullish grip. The path to $10,000 remains clear even as the halving in mid-May approaches. A post-halving rally to $20,000 is possible as bullish interest mounts.
Bitcoin price technical picture
All technical indicators are in support of the ongoing bullish action. For instance, the RSI continues to ignore overbought conditions as it extends movement above 70. The MACD is burying itself higher in the positive territory and is a signal for a stronger bullish grip. A widening bullish divergence above the MACD suggests that buyers are not done with the upside and the only rendezvous they know is $10,000.
BTC/USD daily chart
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