Bitcoin Price Stuck In Consolidation: Why Hope For Trading Above $10,000 Is Still Alive
- Volatility starts to make a comeback into the crypto market following a weekend session dominated by consolidation.
- BTC/USD bulls are focused on breaking the resistance at $9,300; a move that would pave the way for gains above $9,400.
Bitcoin price has refused to budge and remains in consolidation in spite of a breakout above descending trendline resistance. The breakout saw Bitcoin climb past the 61.8% Fibonacci level taken between the last swing high of $9,475 to a swing low of $8,905. The gains extended above $9,300 but the weekend bullish action culminated at $9,330 (resistance). BTC/USD adjusted lower and confirmed the support at $9,200.
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Meanwhile, BTC/USD is dancing at $9,292 amid a bullish picture. Gains above $9,300 are likely in the ongoing Asian session but higher volatility is anticipated during the European session.
BTC/USD 1-hour chart
BTC/USD price chart by Tradingview
The Relative Strength Index (RSI) hints that buyers have begun to gain traction against the bulls. The indicator is pointing upwards after bouncing off support at the midline. The bullish picture is highlighted by the MACD. This indicator is holding the ground above the midline in addition to featuring a positive divergence. In other words, the trend is in the favor of the bulls and if the situation remain unchanged, Bitcoin would continue to grind north.
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Resistance is anticipated at $9,400, $9,450 and $9,600. If Bitcoin brings down the seller congestion in these areas, there is a chance a new path to $10,000 would be created. For now, all the attention should go towards overcoming the hurdle at $9,300 and defending support at $9,200. Losses under $9,200 are likely to seek support at $9,000 and $8,900 respectively.
Bitcoin Intraday Key Levels
Spot rate: $9,292
Relative change: -5.96
Percentage change: -0.06%