It is an understatement to say that the past few weeks have been tough on cryptocurrencies, especially Bitcoin. After gaining traction towards $9,800, BTC/USD plunged last week back to areas below $9,000. On Friday, millions of Bitcoin long positions got liquidated. Recovery has since been drab with Bitcoin finding it an uphill task to sustain gains above $9,200. At the time of writing BTC/USD is trading $9,186.
Many analysts and traders believe that Bitcoin has the potential to hit levels above $10,000 sooner or later. On locking in these levels above $10,000, the largest crypto could gain momentum to higher areas with some saying “new highs” are possible. Macro BTC, a pseudonymous analyst is one of the bulls who sees Bitcoin rising above $13,000.
Macro BTC context: still think we’re heading towards $13K mid-term. Massive liquidity pool around 10.5k, price tends to visit those sooner or later.
Another commentator wrote in early June that “BTC very close to exploding. Break above $10,500 would break an over 2 year symmetrical triangle, 11 month broadening wedge, 8 month horizontal resistance.”
Bitcoin Price Technical Picture
Bitcoin is currently lethargic in its recovery owing to the fact the technical indicators are almost motionless. The RSI, for instance, is leveling slightly under the average. Upward movement has become difficult. Therefore, BTC/USD is likely to take up a sideways trading action in the near term.
BTC/USD daily chart
The MACD currently confirms the sideways trading with its sidelong movement at the midline. Consolidation is not entirely a bad thing for Bitcoin as it would allow buyers to gather, gain strength and balance for another fully-fledged attack on $10,000.
Bitcoin Intraday Key Levels
Spot rate: $9,195
Relative change: 10
Percentage change: 0.11%
Trend: Bearish biased
Volatility: Shrinking
