Cryptocurrency Heat Map by Coin360
The strong up move on Thursday pushed Bitcoin price above the key $10,000 mark, but buyers couldn’t sustain the momentum. So, the rejection has sent the price dwindling towards the crucial $9,700 support. The slightly overbought technical indicators did kick in early today, resulting in a minute correction. However, buying interest has not dried up, and the Bitcoin price is well supported above $9,700 price mark.
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Bitcoin price is now entirely in the hands of halving
As the king of cryptocurrencies heads towards halving, the bearish boas will give way to more bullish forces. Only three days are left for BTC halving. The entire crypto industry is watching with anticipation whether this momentous event will push Bitcoin price to new highs.
Bitcoin Price Chart by TradingView
The last few days have seen the Bitcoin price rally fervently to rise from the abyss as new investors enter the trend. The reduced supply of coins coupled with increasing demand is the perfect recipe for an uptrend. However, just like previous BTC halvings, these are mere projections.
Bitcoin price weathers slight dip with renewed buying
Today’s drop is a sign that bulls are consolidating their positions near the $10,000 mark and looking to breach past this psychological price confidently. This consolidation would probably continue for the next two days. Even If near-term supports breakaway, the bulls will easily sustain at a $9,500 support level. As crypto analyst Jay Shree points, short term sellers can bring $9,444 on the charts.
Bitcoin Price by TradingView
Bitcoin price rallied 11.8 percent on Thursday, which created an overbought situation on the hourly charts. Buyers, both retail and institutional, have been purchasing the BTC/USD pair at every dip, and today’s decline is no different.
Key support stands at a high volume VPVR node that has supported the price on April 8 as well. As the price lingers around $9,750, the technical indicators would start consolidating over the muted weekend.
Looking forward
All eyes are on the halving event. Everyone is looking forward to a break above $10,600 on the daily charts. Once Bitcoin price confidently settles above the 20-MA above the $9,956, buyers can quickly push towards the next $11,500 target. On the contrary, a quick sell-off just before the halving can see price touching $9,300 lows.
Despite any short-term pullback scenarios, BTC price action seems encouraging. The rising Crypto Fear and Greed Index is reflecting a bullish investor sentiment.
Disclaimer: The information provided is not trading advice but informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.