Bitcoin is Preparing to Surge Over $10K
Bitcoin, News

Bitcoin is Preparing to Surge Over $10K

The price of BTC/USD is increasing in a steady manner over $9.5k as well as $9,750. There is a likelihood of the price to cross $10k and it may prompt a powerful rally towards $10.4k or $10,650.

The price rose steadily over the barrier at $9.5k and established a level over $9.7k. It closed over the 100 hourly SMA.

Eventually, the price surged over $9.8k and attained a fresh high this year at $9,850. At the moment, it is consolidating gains over the support zone at $9.7k.

Notwithstanding, the buyers are securing the $9,750 zone. A look at the hourly chart of BTC against the USD shows the formation of a major rising channel with support close to $9,710.

A look at the upside on the same chart shows the existence of short-term barriers close to $9,850 and $9,880. The pair?s structure at the moment is pointing to the preparation of a major upside break over the $10k barrier zone.

A surge over $10k may prompt a powerful rally and a stop loss pursuit. If such happens, the buyers could target $10.4k or even $10.5k in the sessions ahead.

The first support is close to the channel at $9.7k.

The ability of the sellers to take the price beneath the channel support could make the price to retrace lower to the support zone at $9.6k. The major support is close to $9,520 as well as $9.5k, and a move beneath it poses a risk of a change in trend to the downside.

coinmag

Born in Bucharest, Marius is the founder of Crypto Adventure and Co-founder of Crypto Press. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.

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