Bitcoin price takes a halt from the rising trend as it hits below $10,000 for the 5th day in the row and is likely to spike as the 50-day MA crosses above the 200-day MA on a 24-hourly chart.
Bitcoin Price Analysis
Analyzing the BTC/USD price movement on Coinbase, we see that the coin has taken an unusual break from the rising trend even after the “golden crossover” on the daily chart. However, we expect the price of Bitcoin to rise above $10,000 in the ongoing week due to a “golden crossover” on the hourly chart as well. Supported by the inverse H&S, the BTC price trend reversed the bearish momentum of the bygone year until it had hit resistance at $10,500. The 20-day Bollinger Bands laid do not project any unusual volatility in the upcoming days, which is most likely to welcome a trading zone above $10,000 again.
Technical Indicators
The technical indicator assigned exhibits a bearish crossover as the Signal line crosses above the MACD line on a 24-hourly chart since the start of the previous week.
The RSI of BTC is at 53.81 and is not showing any trading extremities at present.
