RATE Group | Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K
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Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

19 Feb Bitcoin Bulls Back in the Driving Seat as Price Crosses $10K

Posted at 13:01h in Bitcoin News by

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  • Bitcoin jumped above back $10,000 on Tuesday, reinstating the bullish trend and opening the doors for further gains toward $10,500.
  • The bull case would strengthen with a descending channel breakout on the 4-hour chart.
  • A strong rejection at the channel hurdle could yield a re-test of the former resistance-turned-support at $9,825.

Bitcoin returned into the five-figure zone on Wednesday, reviving the bullish case and putting recent highs near $10,500 back on the radar.

At press time, bitcoin is trading at $10,139, representing a 4.48 percent gain on a 24-hour basis, as per CoinDesk’s Bitcoin Price Index. 

However, the top cryptocurrency by market value was looking weak 24 hours ago, having breached the 2020 rising trendline support at $9,700. The subsequent sell-off, however, ran into bids near $9,600, following which prices charted a near 90-degree rise to $10,290 during the U.S. trading session. 

Tuesday’s spike marked an end of the pullback from recent highs near $10,500…

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