RATE Group | Bitcoin Above $10K Is Looming And It Could Spark A Massive Stop Hunt & Rally
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Bitcoin Above $10K Is Looming And It Could Spark A Massive Stop Hunt & Rally

07 Feb Bitcoin Above $10K Is Looming And It Could Spark A Massive Stop Hunt & Rally

Posted at 06:55h in Bitcoin News by

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Bitcoin price is rising steadily above $9,500 and $9,750 against the US Dollar. BTC will most likely cross $10,000 and it could ignite a strong rally towards $10,400 or $10,650.

  • Bitcoin is likely setting up for a break above the $10,000 barrier against the US Dollar.
  • Many supports are forming on the downside near $9,700 and $9,500.
  • There is a key rising channel forming with support near $9,710 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A successful close above the $10,000 barrier may perhaps initiate a massive stop run.

Bitcoin Likely To Surpass $10K

In the past few sessions, there was a steady rise in bitcoin above the $9,500 resistance against the US Dollar. BTC even settled above the $9,700 level, with a convincing close above the 100 hourly simple moving average.

Finally, the price climbed above $9,800 and traded to a new 2020 high at $9,850. It is currently consolidating gains above the $9,700 support area. The last swing low was near $9,656 and the high was…

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