Bitcoin rallied over 4% and it broke the key $10,000 resistance against the US Dollar. BTC is showing a lot of positive signs and it is likely to rise further above $10,200.
- Bitcoin gained bullish momentum above the $9,800 and $10,000 resistance levels.
- The price is now holding strong at $10,000 and it is well above the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support near $10,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher above $10,150 and $10,200 in the near term.
Bitcoin Price Settles Above $10,000
This past week, bitcoin successfully settled above the $10,000 resistance against the US Dollar. BTC extended its rise above the $9,800 resistance and settled well above the 100 hourly simple moving average.
As a result, the bulls gained strength and the price rallied over 4% to break the $10,000 barrier. A new monthly high was formed near $10,199 before the price started a downside correction. It corrected lower more than $250 and tested the $9,800 support zone.
Bitcoin price above $10,000. Source:There is also a connecting bullish trend line forming with support near $10,000 on the hourly chart of the BTC/USD pair. The pair is currently testing the $10,100 zone, plus the 76.4% Fib retracement level of the recent downside correction from the $10,199 high to $9,818 low.