Bitcoin renews the bullish picture above $10,000 for the first time since the beginning of June.
BTC/USD eyes $11,000 in the near term but first, the hurdles at $10,200 and $10,500 must be overcome.
Bitcoin price is ending the month of July in great style after pushing above the critical $10,000 level during the just-concluded weekend session. Following the return of volatility to the crypto market, bulls have been keen not to fall back into the slumber and hibernation experienced for more than six weeks. Some of the critical barriers that have already been shattered include $9,600, $9,800, and $10,000.
BTC/USD is trading at $10,092 after a minor retreat from the new July high at $10,161 (recoded on Sunday for Coinbase). After reclaiming the position above $10,000, Bitcoin has been on another upward-roll, targeting $10,000. In the meantime, the price is doddering at $10,100 amid a developing bullish momentum.
Looking at the BTC/USD daily chart, the largest cryptocurrency is mainly in the hands of the bulls. The Relative Strength Index (RSI) highlights the strong grip by the bulls. The indicator has made a grand entrance into the overbought (70) for the first time since the beginning of May.
BTC/USD daily chart
The same bullish influence is reinforced by the Moving Average Convergence Divergence (MACD). Besides, holding the ground above the midline, a bullish divergence keeps breaking away from the MACD. As the indicator dips higher in the positive zone, gains are expected to draw near $11,000. For now, breaking the barrier at $10,200 will help focusing the bulls’ energy towards breaking the resistance at $10,500 and $11,000.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com