BTC/USD has the potential to return above $10,000. On the intraday charts, BTC/USD is vulnerable to the range-bound trading. Bitcoin is trading at $9,150 after a sharp sell-off to $8,800 on Thursday. The first digital asset failed to settle above $10,000 after the halving and lost over 4% on a week-on-week basis. However, according to Bloomberg Intelligence analyst Mike McGlone, the coin is well-positioned to resume the growth and break above the psychological barrier. The expert pointed out several factors that may become serve as a catalyst for a sustainable Bitcoin rally. First of all, he mentioned the growing number of active Bitcoin addresses. The total number of addresses with balance surpassed $30 million, which is the highest number of on record. Secondly, he mentioned the increase of the assets under the management of Bitcoin investment funds. In a recent update, Grayscale Investments reported that the value of all assets under management hit $3.6 billion with over 86% of them attributed to Bitcoin Trust. He also mentioned the record-high Bitcoins’ futures open interest that may also result in the bullish rally. BTC/USD: Technical picture Meanwhile on the intraday level, BTC/USD recovery stopped short of $9,200. This resistance is followed by a stronger barrier of $9,300, reinforced by 1-hour SMA50 and 4-hour SMA100. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,550-$9,600 area, which includes Thursday’s high and the above-mentioned congestion area. On the downside, move below $,9000 will increase the downside pressure and bring $8,700 into focus. It is followed by a stronger barrier of $8,600 created by 4-hour SMA200. If it is broken, the sell-off will gain traction with the next focus on $8,300-$8,150 area, which includes strong technical levels daily SMA100, SMA50 and SMA200 as well as 61.8% Fibo retracement for the downside move from February 2020 high. BTC/USD daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Wall Street opens modestly lower, energy shares underperform FX Street 3 years BTC/USD has the potential to return above $10,000. On the intraday charts, BTC/USD is vulnerable to the range-bound trading. Bitcoin is trading at $9,150 after a sharp sell-off to $8,800 on Thursday. The first digital asset failed to settle above $10,000 after the halving and lost over 4% on a week-on-week basis. However, according to Bloomberg Intelligence analyst Mike McGlone, the coin is well-positioned to resume the growth and break above the psychological barrier. The expert pointed out several factors that may become serve as a catalyst for a sustainable Bitcoin rally. First of all, he mentioned the growing number… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
