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Bitcoin Price Analysis: BTC Completes The Leg To $10,700?

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  • Bitcoin has in the less than 24 hours surged more than 10%.
  • Fundamentals for Bitcoin point towards further breakout amid strengthening technical levels.

Bitcoin price is towering across the cryptocurrency horizon with remarkable gains. The largest cryptocurrency by market capitalization is pulling the entire upwards. Bitcoin has in the less than 24 hours surged more than 10%. The break above $10,00 pushed pulled Bitcoin above the 100 Simple Moving Average (SMA) before assaulting the stubborn resistance at $10,400.

BTC/USD 1-hour chart

BTC/USD price chart by Tradingview

At press time, Bitcoin has extended gains above the 200 SMA 4-hour and completed the vital leg above $10,700. This move has cleared the way for a retracement towards $11,000. Besides, the short-term focus is on $11,200.

Fundamentals for Bitcoin point towards a further breakout. For instance, Bitcoin dominance has hit levels above 70%. The last time Bitcoin had such dominance was in the first quarter of 2017 before staging the rally that saw BTC trade close to $20,000.

While Bitcoin flexes muscles, altcoins are taking the hit. Experts say that this could be the end of the digital assets. Recovery from the downtrend would be difficult not only for Ethereum but also for the other non-Bitcoin cryptos.

From a technical perspective, Bitcoin’s roll to the north is unstoppable. The Moving Average Convergence Divergence (MACD) has recovered from lows around -206 to the current +183. Also, there is an existing significant divergence suggesting that the buyers are in control.

As far as support areas are concerned, Bitcoin’s initial tentative support is seen at $10,400. The 100 SMA will also function as an anchor at $10,106. In the event dips extend below $10,000 $9,800 and $9,600 will come in handy.

Bitcoin Key Technical Levels

Spot rate: $10,960

Relative change: +310

High: $10,752

Low: $10,284

Trend: Bullish

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