Bitcoin Price Sinks, although is Expected to Close the Week Above $10,500

  • Bitcoin price have had enough positive price momentums throughout the week after being brutally down in the previous week.
  • With weekend around the corner, we expect BTC price to trade around $10,500, and a due consideration of the price currently hovering around $10,300.
  • However, if the price breaks down even further it can see a price range below $10,000 as well.

Bitcoin price is having a bullish crossover irrespective of its recent dip near $10,300. The week has been quite a gainful one, as it traded as close as $10,900 after having dipped as low as $9500. However, currently it is close to trading around $10,300 and if it dips even further, BTC will be compelling under a bearish position.

Inevitable to note that the price has commendably soared by over 11% from trading around $9,757 in the previous week to the highest of this week around $10,900. Therefore, breaking below $10,000 feels quite dicey, as Bitcoin would be again surrounded by the selling pressure.

This week’s surge has made BTC price to gain above $1000 in just 7 days.

BTC to USD Price Chart by TradingView:

Bitcoin (BTC) Price
BTC Price Chart by TradingView

The 30-minutes movement of the coin shows that the said 24-hour trading duration is divided into two halves. Bitcoin price was trading around $10,600.47 in the initial hours of the day, yesterday. After having attained a high at $10,924.89, the coin’s trading price took a steep downturn by 6.08% to trade around $10,259.99. This led Bitcoin price to fall below its major support at $10,300 after having breached $10,500. Currently, it is trading at $10,333.01 (data feed from Coinbase at 04:19 UTC).

The current trading price of Bitcoin is well supported by the 5-day EMA ($10,374.80) and 50-day EMA ($10,330.40). If the coin breaks down below $10,000, it will be accompanied by the hourly 100-day EMA ($9,772.06).

Technical Indicators:

The current trading price is slightly lower by 0.025% and 0.73% from 30-day EMA ($10,338.06) and 30-day SMA ($10,409.41).

The MACD of the coin is gaining momentum in the negative zone with a bullish crossover, as the MACD line crosses the signal line.

The RSI of the coin is slightly above 30 and inclined towards the oversold region.

     
 
 




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