Bitcoin (BTC) Upside Range Holds; Can Bulls Break the $10,000 Jinx?

Over the past few days, Bitcoin has been in consolidation after the recent breakdown. Presently, the market is trending toward the upside range to break the $10,000 overhead resistance. Analysts believe that Bitcoin will break upward from its present consolidation.

BTC/USD - 4 Hour Chart

BTC/USD – 4 Hour Chart

 

Following the last breakdown on June 2, Bitcoin bulls have made two unsuccessful attempts at the $10,000 overhead resistance. The bulls were resisted at the $9,800 and price fell back to $9,400 low. Yesterday, the $9,800 resistance was retested and the market was on a downward move. This has been the market situation in May where buyers retest the overhead resistance on several occasions.

The upside range between $9,300 and $9,800 will continue as long as price remains above $9,300. On the upside, if the bulls are successful above the overhead resistance, BTC will surpass the previous high of $10,400. Conversely, if the bears break below $9,400 support, there will be a bearish reaction. Bitcoin is likely to drop to $8,800 support. BTC is in a bullish momentum as it is above 60% range of the daily stochastic.

Bitcoin fluctuates at the breakout point

On the daily chart, after failing to break the $9,800 resistance twice, BTC trades below the resistance. The price bars are now concentrating above the $9,700 price level.

BTC/USD - Daily Chart

BTC/USD – Daily Chart

In this manner, the price bars are very close to the breakout point. On the upside, a strong bounce above $9,700 support will propel price to break through the $9,800 and $10,000 resistance. Nonetheless, to ensure the continuity of the trend buyers ought to sustain the uptrend. The market is currently at level 55 of the Relative Strength index period 14. The king coin is in the uptrend zone and likely to rise.

 

NordFX