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Bitcoin Price Analysis: Could BTC/USD’s Ongoing Breakout Smash $11,000 This Time?

bitcoin-price-analysis-could-btc-usds-ongoing-breakout-smash-11000-this-time
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  • Bitcoin defends $10,000 support paving the way a much-needed reversal.
  • BTC recovery steps above $10,500 but support areas towards $10,000 remain vulnerable.

Following the impressive recovery witnessed last week, Bitcoin’s upside is still capped under $11,000. In fact, a bearish wave over the weekend refreshed the support at $10,000. Fortunately, the buyers were strong enough to stop declines below this level. At the moment, BTC is hovering above $10,400.

BTC/USD 2-hour chart

BTC/USD price chart by Tradingview

Short-term analysis shows Bitcoin having a bullish bias. This is because Bitcoin pulled up after diving below several tentative support areas over the weekend including $10,600, $10,400 and $10,200. The 100 Moving Average 2-hours did little to cushion BTC from the drop. While $10,400 was at the rescue of the bulls on Saturday, extended bearish action on Sunday posted a low at $10,066 before paving the way for correction.

The 2-hour chart shows Bitcoin bears battling to gain traction against the bears and probably regain full control. In fact, the price is back above $10,500 after reclaiming the trendline support. Currently limiting the upside is the 100 Moving Average.

The Relative Strength Index (RSI) is sharply ascending towards the overbought. An impending break above the falling trendline started on September 3, is likely to mark the beginning of a breakout towards the coveted $11,000.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

According to the daily chart, BTC/USD is relatively bullish. Moreover, the price is holding ground above the 50-day MA as a key indicator of the buyers being in control. The 100-day Moving Average still limits the upside movement in the daily timeframe. A forming trendline on the chart could be useful later in the event Bitcoin reverses again towards $10,000.

Bitcoin Key technical Picture

Spot rate: $10,417

Relative change: 23.552

Percentage change: 0.23%

Open: $10,402.93

High: $10,532.56

Low: $10,060.25

Trend: Bullish

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