Bitcoin not only hit new yearly highs but achieved June 2019 levels. The flagship cryptocurrency is on an upward roll, which seems unstoppable at the moment. Meanwhile, BTC is dancing at $13,727 amid intense volatility and high volume.
The Relative Strength Index (RSI) doubles down on the bullish moment as it settles in the overbought territory. A higher-high pattern from September shows that Bitcoin is in bullish momentum.
BTC/USD daily chart
Looking at the Moving Average Convergence Divergence (MACD), it is clear that buyers will stay in control despite the stalling at $13,800. Once the hurdle at $14,000 is broken, the flagship cryptocurrency is likely to rush towards $15,000.
IntoTheBlock’s IOMAP model reveals the absence of critical resistance zones to $15,000. However, is important that the subtle resistance between $14,135 and $14,541 is broken for the rest of the journey to $15,000 to gain momentum.
On the downside, it is likely that a retracement may take place before the rally to $15,000 comes into the picture. The buyer congestion running from $12,900 and $13,305 will come in handy to stop the losses. Here, roughly 1 million addresses previously bought almost 666,000 BTC.
Bitcoin IOMAP chart
The bulls’ position in the market is also emphasized by the golden cross formed, as the 50 Simple Moving Average (SMA) crosses above the longer-term 100 SMA. Moreover, if an extended reversal occurs, the two moving averages will cushion BTC/USD from plunging to $10,000.
Bitcoin Intraday Levels
Spot rate: $12,710
Relative change: -60
Percentage change: -0.4%
Trend: Bullish
Volatility: High
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