Bitcoin managed to regain impulsive bullish momentum and settled up at the level above $10,000 again. This indicates higher volatility in the cryto market. The brutal war between the buy and sell sentiment on Bitcoin has affected the overall crypto market but could not terminate the bullish bias.
Recently there was a significant decline in bitcoin price below the $10,000 support. BTC had sunk close to $9,500 before the bulls entered the market again. A swing low was formed at $9,500. The price is currently correcting higher. It broke important resistance at near $9,800. Currently, BTC price is pushing higher above $10,000 with a target towards $10,500.
Bitcoin price has recovered by over 5% after it broke above the $10,000 resistance area. The crypto industry was surprised to find out that one of the most powerful people in the global economy and Chairman of the Federal Reserve Jerome Powell stated that Bitcoin is more like Gold than a currency from his viewpoint. As Bitcoin continues to trade with higher volatility, the markets is likely to have a better understanding of whether or not the Gold 2.0 narrative will be enough to lead BTC on another stellar rally.
TECHNICAL OVERVIEW:
The price is currently trading above $10,000 heading higher. BTC price aims to break above the Kumo Cloud resistance and reach $10,500 in the coming hours. The impulsive break above $10,00 with a single hourly candle has shifted the overall bearish bias below $10,000 to a strong bullish bias. BTC is expected to climb towards $10,500 and higher as the price remains above $10,000.
TECHNICAL LEVELS:
SUPPORT - 9 400, 9 500, 9 800, 10 000
RESISTANCE - 10 500, 11 000, 11 500, 12 000
CURRENT BIAS - Bullish
MOMENTUM - Volatile
