{"id":423155,"date":"2020-05-08T03:28:41","date_gmt":"2020-05-08T03:28:41","guid":{"rendered":"https:\/\/wncen.com\/?p=423155"},"modified":"2024-06-11T12:25:35","modified_gmt":"2024-06-11T12:25:35","slug":"bitcoin-btc-primed-to-test-10500","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-primed-to-test-10500\/","title":{"rendered":"Bitcoin Primed To Test $10,500 as Bulls Take Over Crypto Market"},"content":{"rendered":"<p><em>Bitcoin is up more than 7% and it broke the $10,000 resistance against the US Dollar. BTC is showing many bullish signs on the daily chart and it is likely to test $10,500.<\/em><\/p>\n<ul>\n<li>Bitcoin is gaining bullish momentum and it recently spiked above $10,000.<\/li>\n<li>The current crypto market sentiment is very positive, suggesting more upsides towards $10,500.<\/li>\n<li>There was a break above a crucial bearish trend line with resistance near $7,800 on the daily chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li><a href=\"https:\/\/wncen.com\/2020\/05\/07\/can-ethereum-eth-surge-past-220\/\" target=\"_blank\" rel=\"noopener \">Ethereum<\/a> and <a href=\"https:\/\/wncen.com\/2020\/05\/07\/ripple-xrp-100-sma-can-trigger-rally\/\" target=\"_blank\" rel=\"noopener \">ripple<\/a> are slowly gaining momentum, but they are still below weekly resistances.<\/li>\n<\/ul>\n<h2>Bitcoin Rallies To $10,000<\/h2>\n<p>Yesterday, we discussed the <a href=\"https:\/\/wncen.com\/2020\/05\/07\/bitcoin-btc-above-9500-could-trigger-massive-rally\/\" target=\"_blank\" rel=\"noopener \">chances of a massive rally in bitcoin<\/a> if it breaks the $9,500 resistance against the US Dollar. BTC price did surpass a few hurdles near $9,400 and $9,500 to start a significant upward move.<\/p>\n<p>It all started when the bulls managed to push the price above the $7,800 resistance area and the 100-day simple moving average. It opened the doors for a sharp rise above the $8,000 resistance area.<\/p>\n<p>There was also a break above a crucial bearish trend line with resistance near $7,800 on the daily <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair. Recently, the pair consolidated near the $9,000 resistance, and the 61.8% Fib retracement level of the main decline from the $10,497 swing high to $3,892 low.<\/p>\n<figure id=\"attachment_423156\" aria-describedby=\"caption-attachment-423156\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-6.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-423156\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-6.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-6.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-6.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-6.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-6.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-6.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-6.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/05\/Bitcoin-6.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-423156\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The bulls gained strength, resulting in a push above the $9,000 and $9,500 resistance levels. Bitcoin even spiked above $10,000 and it is now trading above the 76.4% Fib retracement level of the main decline from the $10,497 swing high to $3,892 low.<\/p>\n<p>It seems like the price is likely to continue higher towards the $10,500 swing high (formed in Feb 2020). Any further gains could lead the price towards the $11,000 and $11,200 resistance levels in the near term.<\/p>\n<h2>Short Term Pullback?<\/h2>\n<p>In the short term, bitcoin price might correct a few points below the $9,800 level. On the downside, the first support is seen near the $9,500 level (the recent breakout zone).<\/p>\n<p>The main support is now forming near the $9,200 level, where the bulls are likely to take a stand. Any further gains may perhaps call for a test of the $8,000 support or the 100-day simple moving average.<\/p>\n<p>Technical indicators:<\/p>\n<p>Daily MACD \u2013 The MACD is currently gaining momentum in the bullish zone.<\/p>\n<p>Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone.<\/p>\n<p>Major Support Levels \u2013 $9,500 followed by $9,200.<\/p>\n<p>Major Resistance Levels \u2013 $10,200, $10,500 and $11,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is up more than 7% and it broke the $10,000 resistance against the US Dollar. BTC is showing many bullish signs on the daily chart and it is likely to test $10,500. Bitcoin is gaining bullish momentum and it recently spiked above $10,000. The current crypto market sentiment is very positive, suggesting more upsides towards $10,500. There was a break above a crucial bearish trend line with resistance near $7,800 on the daily chart of the BTC\/USD pair (data feed from Kraken). Ethereum and ripple are slowly gaining momentum, but they are still below weekly resistances. Bitcoin Rallies To $10,000 Yesterday, we discussed the chances of a massive rally in bitcoin if it breaks the $9,500 resistance against the US Dollar. BTC price did surpass a few hurdles near $9,400 and $9,500 to start a significant upward move. It all started when the bulls managed to push the price above the $7,800 resistance area and the 100-day simple moving average. It opened the doors for a sharp rise above the $8,000 resistance area. There was also a break above a crucial bearish trend line with resistance near $7,800 on the daily chart of the BTC\/USD pair. Recently, the pair consolidated near the $9,000 resistance, and the 61.8% Fib retracement level of the main decline from the $10,497 swing high to $3,892 low. The bulls gained strength, resulting in a push above the $9,000 and $9,500 resistance levels. Bitcoin even spiked above $10,000 and it is now trading above the 76.4% Fib retracement level of the main decline from the $10,497 swing high to $3,892 low. It seems like the price is likely to continue higher towards the $10,500 swing high (formed in Feb 2020). Any further gains could lead the price towards the $11,000 and $11,200 resistance levels in the near term. Short Term Pullback? In the short term, bitcoin price might correct a few points below the $9,800 level. On the downside, the first support is seen near the $9,500 level (the recent breakout zone). The main support is now forming near the $9,200 level, where the bulls are likely to take a stand. Any further gains may perhaps call for a test of the $8,000 support or the 100-day simple moving average. Technical indicators: Daily MACD \u2013 The MACD is currently gaining momentum in the bullish zone. Daily RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now in the overbought zone. Major Support Levels \u2013 $9,500 followed by $9,200. Major Resistance Levels \u2013 $10,200, $10,500 and $11,000.<\/p>\n","protected":false},"author":67,"featured_media":423157,"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],"class_list":["post-423155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Primed To Test $10,500 as Bulls Take Over Crypto Market<\/title>\n<meta name=\"description\" content=\"Bitcoin is up more than 7% and it broke the $10,000 resistance. 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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. 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