Daily updates on foreign exchange news

Bitcoin Price Prediction: BTC/USD Holds $10,000 While Other Markets Tumble

BTC/USD is slightly in the green after adjusting from the short term support at $9,983. On the upside, BTC/USD was rejected at $9,700 during the weekend session. The price is currently above $10,000 but buyers have eyes on the first key hurdle at $10,300 and later the grand prize of trading above the coveted $10,500.

Where is BTC Price Going Next?
From a technical perspective, can traders really say Bitcoin (BTC) is back into the hands of the bulls? The technical indicator RSI (14) has embraced support below the 40-level. If the indicator can continue with the upward trend, the price could also push towards $10,400. On the other hand, the gap between the 9-day moving average and the 21-day moving average suggests that the upward movement is yet to come into play in the coming sessions.

Nevertheless, BTC/USD is settling in a tight range limited by $9,800 on the downside and $10,300 on the upside. If the market price breaks above the moving averages, BTC/USD may likely hit the potential resistance levels at $11,000, $11,200, and $11,400 while the supports are located below the lower boundary of the channel at $9,500, $9,300, and $9,100 respectively.

Reference by:  Azeez Mustapha