Bitcoin extended its rise towards the $10,500 resistance area against the US Dollar. BTC is now showing signs of exhaustion and it could dip a few points before continuing higher.
- Bitcoin price is struggling to gain momentum above $10,400 and $10,450 against the US Dollar.
- The price traded to a new 2020 high at $10,492 and it is currently correcting lower.
- There is a short term ascending channel forming with support near $10,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could dip towards the $10,300 support or $10,200 before it climbs above $10,500.
Bitcoin Losing Bullish Momentum
This week, bitcoin bounced back above the $10,000 resistance against the US Dollar. BTC price even broke the $10,200 resistance and the 100 hourly simple moving average.
Recently, there was a push towards the $10,500 resistance area, but the bulls failed to gain bullish momentum. A new 2020 high is formed near $10,492 and the price is currently correcting lower.Upside Targets
Once the current correction wave is complete, the price is likely to resume its rise above $10,450 and $10,500. In the mentioned case, bitcoin could aim a sharp move towards the $11,000 barrier.
An intermediate resistance could be $10,800. The overall price action suggests there are high chances of a minor dip towards $10,200 or $10,100 before a run towards $11,000.