Forex and Crypto News

Bitcoin retests 10000 mark

16:16 11 February /2020

Bitcoin began the week above the 10,000 mark but could not resist and descended to the 9700 area by the end of Monday. But despite this, some factors indicate that soon the bulls will try to return the price of Bitcoin above $10,000.

Since the beginning of the year, the price of Bitcoin has increased by almost 42% and more than 50% from a minimum near 6,500. Starting from this minimum, the price easily passed key levels of 7,000 and 8,000, after a bit of hesitation, it overcame 9,000 and rose above 10,000. Only after reaching the mark 10,000 bullish momentum began to weaken. But perhaps this is a temporary respite to activate forces. And in the next attempt, the bulls will keep the mark of 10,000. Two factors can contribute to this.

Firstly, a downward wedge is formed on the hourly chart. Usually descending wedges (especially before an uptrend) break up. And if you look at the chart now, you’ll see that the price of bitcoin has already exceeded 10,000 and the price is 10,221 at the time of publication.

Another confirmation of a possible increase above 10,000 may be the fact that the CME bitcoin futures charts over the weekend left a gap - from about 9,900 to 10,200 dollars. Most often, such gaps are filled within a week. Accordingly, during the week we will see growth above 10,000. What we now see on the chart.

Sometimes such gaps fill up for a long time, but not this time. But they still serve as important information that analysts should consider when taking positions and planning entry or exit points.

If Bitcoin can hold above the $10,000 mark, we can see re-testing the previous high before the end of the year.

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