Bitcoin Price Analysis –Bitcoin Reclaims $10000 After Breaking-Up Channel, Where Next?

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RESULTS

• Bitcoin trades above $10000 following a significant price movement
• Buyers eye $10500 but Bitcoin is looking for near support for a rebound

Yesterday, Bitcoin successfully close above the $10000 price level after seeing a moderate gain from $9450 low. Currently, Bitcoin is trading around $10100 with a $183.5 billion market cap. We can expect the upswing to continue soonest. Reclaiming $10482 resistance is important. Otherwise, the short-term bull sentiment is likely to end.

Key resistance levels: $10250, $10500
Key support levels: $9850, $9700

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Bitcoin started a new bullish rally after witnessing a minor correction over the past few days. Despite this correction, the price continued to respect the rising channel that was formed since early January. From $9450 low, Bitcoin has added up by $700 to reach $10250 yesterday.

The price has dropped a bit to $10100, looking for support around $10000. If Bitcoin regains momentum above this support, we can expect buying to $10250 and $10500 resistance in the coming day. It might even reach $10800 if the bulls can surpass the monthly high.

A drop below $10000 level could cause a panic sell at $9850 and $97000. That will occur if Bitcoin continues to show weakness. As it stands now, buyers are showing interest as more growth is expected in the future.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Few minutes after our previous crypto trading signals, Bitcoin surged to $10250 following a rally from $9600, though the initial setup was plotted from $9450. The bullish move was confirmed with a channel breakout. Following the ongoing retracement to the blue zone of $10050, Bitcoin is expected to bounce back shortly.

However, Bitcoin is likely to face a multiple resistance in the coming bullish swing. The key resistance level to watch out for is red areas of $10350 and $10450, though the previous resistance ($10250) is important.

In case Bitcoin falls below the current blue support zone, the key support to keep in mind is the next blue area of $9830. Below this support lies $9600 from where Bitcoin regained momentum back yesterday. Looking at this setup, there’s high probability for bullish than bearish.

BITCOIN BUY ORDER

Buy: $10063
TP: $10350
SL: $9900