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{"id":425870,"date":"2020-06-02T03:58:30","date_gmt":"2020-06-02T03:58:30","guid":{"rendered":"https:\/\/uniquehot.com\/?p=425870"},"modified":"2024-06-11T14:03:28","modified_gmt":"2024-06-11T14:03:28","slug":"bitcoin-btc-smashes-10k-fresh-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-smashes-10k-fresh-rally\/","title":{"rendered":"Bitcoin Smashes $10K: Key Reasons Why BTC Could Correct Before Fresh Increase"},"content":{"rendered":"

Bitcoin is up more than 5% and it broke the main $10,000 resistance against the US Dollar. BTC price could correct lower in the short term towards $9,950 before it starts a fresh increase.<\/em><\/p>\n

\n
Bitcoin rallied recently and broke many key hurdles near $9,950 and $10,000 (as discussed yesterday).<\/li>\n
The price traded to a new weekly high at $10,371 and it is currently correcting lower.<\/li>\n
There is a key connecting bullish trend line forming with support near $9,740 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to find a strong support near the $9,950 level (the previous major hurdle\u00ad).<\/li>\n<\/ul>\n
Bitcoin Price Rallies 5%<\/h2>\n
Yesterday, we discussed the chances of a larger rally<\/a> in bitcoin price above $9,750 against the US Dollar. BTC did gain traction above the $9,750 resistance and rallied more than 5%.<\/p>\n
It broke many key hurdles near $9,950 and $10,000 to move into a positive zone. A new weekly high is formed near $10,371 and the price is now trading well above the 100 hourly simple moving average.<\/p>\n
Bitcoin is currently correcting lower from $10,371 and trading below $10,200. It broke the 23.6% Fib retracement level of the recent rally from the $9,378 low to $10,371 high. However, there are many supports on the downside, starting with $10,000.<\/p>\n
The first major support is near the $9,950 (the previous major resistance<\/a>). The next support is near the $9,875 level or the 50% Fib retracement level of the recent rally from the $9,378 low to $10,371 high.<\/p>\n
There is also key connecting bullish trend line forming with support near $9,740 on the hourly chart<\/a> of the BTC\/USD pair. On the upside, the recent high near $10,371 is a short term resistance zone.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
If the bulls manage to clear the $10,371 high, it could easily test the $10,500 resistance zone. Any further gains could lead the price towards the $11,200 pivot level in the coming sessions.<\/p>\n
Key Breakout Zone Now Support<\/h2>\n
The previous major hurdle near the $9,950 zone could act as a strong support for bitcoin. If the price continues to slide, the last line of defense might be $9,700.<\/p>\n
Any further losses might start a downside extension towards the $9,500 level or the 100 hourly simple moving average in the near term.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is currently moving nicely in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the 85 level.<\/p>\n
Major Support Levels \u2013 $9,950 followed by $9,875.<\/p>\n
Major Resistance Levels \u2013 $10,375, $10,500 and $10,800.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is up more than 5% and it broke the main $10,000 resistance against the US Dollar. BTC price could correct lower in the short term towards $9,950 before it starts a fresh increase. Bitcoin rallied recently and broke many key hurdles near $9,950 and $10,000 (as discussed yesterday). The price traded to a new weekly high at $10,371 and it is currently correcting lower. There is a key connecting bullish trend line forming with support near $9,740 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong support near the $9,950 level (the previous major hurdle\u00ad). Bitcoin Price Rallies 5% Yesterday, we discussed the chances of a larger rally in bitcoin price above $9,750 against the US Dollar. BTC did gain traction above the $9,750 resistance and rallied more than 5%. It broke many key hurdles near $9,950 and $10,000 to move into a positive zone. A new weekly high is formed near $10,371 and the price is now trading well above the 100 hourly simple moving average. Bitcoin is currently correcting lower from $10,371 and trading below $10,200. It broke the 23.6% Fib retracement level of the recent rally from the $9,378 low to $10,371 high. However, there are many supports on the downside, starting with $10,000. The first major support is near the $9,950 (the previous major resistance). The next support is near the $9,875 level or the 50% Fib retracement level of the recent rally from the $9,378 low to $10,371 high. There is also key connecting bullish trend line forming with support near $9,740 on the hourly chart of the BTC\/USD pair. On the upside, the recent high near $10,371 is a short term resistance zone. If the bulls manage to clear the $10,371 high, it could easily test the $10,500 resistance zone. Any further gains could lead the price towards the $11,200 pivot level in the coming sessions. Key Breakout Zone Now Support The previous major hurdle near the $9,950 zone could act as a strong support for bitcoin. If the price continues to slide, the last line of defense might be $9,700. Any further losses might start a downside extension towards the $9,500 level or the 100 hourly simple moving average in the near term. Technical indicators: Hourly MACD \u2013 The MACD is currently moving nicely in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently correcting lower from the 85 level. Major Support Levels \u2013 $9,950 followed by $9,875. Major Resistance Levels \u2013 $10,375, $10,500 and $10,800.<\/p>\n","protected":false},"author":67,"featured_media":425872,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,76835],"class_list":["post-425870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Smashes $10K: Key Reasons Why BTC Could Correct Before Fresh Increase<\/title>\n<meta name=\"description\" content=\"Bitcoin is up more than 5% and it broke the main $10,000 resistance against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Smashes $10K: Key Reasons Why BTC Could Correct Before Fresh Increase","url":"http:\/\/uniquehot.com\/news\/bitcoin-btc-smashes-10k-fresh-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-btc-smashes-10k-fresh-rally\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/shutterstock_793954189.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/shutterstock_793954189.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2020-06-02T03:58:30Z","datePublished":"2020-06-02T03:58:30Z","dateModified":"2024-06-11T14:03:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Smashes $10K: Key Reasons Why BTC Could Correct Before Fresh Increase\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-smashes-10k-fresh-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-btc-smashes-10k-fresh-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_793954189.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/shutterstock_793954189.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2020-06-02T03:58:30Z\",\"datePublished\":\"2020-06-02T03:58:30Z\",\"dateModified\":\"2024-06-11T14:03:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/shutterstock_793954189.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/425870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=425870"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/425870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/425872"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=425870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=425870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=425870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}