{"id":430094,"date":"2020-07-09T00:00:23","date_gmt":"2020-07-09T00:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=430094"},"modified":"2024-06-11T14:04:56","modified_gmt":"2024-06-11T14:04:56","slug":"four-technical-signs-bitcoin-test-10k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/four-technical-signs-bitcoin-test-10k\/","title":{"rendered":"These Five Technical Signs Show Bitcoin Is on the Verge of Testing $10,500"},"content":{"rendered":"

Bitcoin<\/a> has continued to push higher after a weekend dip. As of this article’s writing, the leading cryptocurrency trades for $9,450, a few basis points below the local high of $9,480.<\/p>\n

The cryptocurrency is still waiting to surmount the crucial $9,500 level. Yet, analysts say that there’s a rapidly forming Bitcoin bull case.<\/p>\n

Related Reading: Economist Steve Hanke: Bitcoin Is Not a Currency, It\u2019s a \u201cSpeculative Asset\u201d<\/a><\/h6>\n

Bitcoin’s Technical Outlook Is Starting to Favor Bulls<\/strong><\/h2>\n

Until it breaks above $10,500 or below $8,500, Bitcoin is stuck in a macro consolidation. Analysts say, however, that the chance that the cryptocurrency breaks the ongoing range to the upside is strengthening.<\/p>\n

One trader shared<\/a> the chart below, outlining four key technical reasons why Bitcoin could move towards $10,500, then $11,500.<\/p>\n