RATE Group | Bitcoin Price Weekly Analysis – BTC/USD Could Settle above $10,000
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Bitcoin Price Weekly Analysis – BTC/USD Could Settle above $10,000

06 May Bitcoin Price Weekly Analysis – BTC/USD Could Settle above $10,000

Posted at 08:50h in Bitcoin News by

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Key Points

  • Bitcoin price is trading with a positive bias and it currently placed nicely above $9,500 against the US Dollar.
  • There is a major bullish trend line forming with support at $9,600 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains in an uptrend and it may well break the $10,000 level and settle above it.

Bitcoin price is gaining momentum above $9,500 against the US Dollar. BTC/USD is likely to accelerate higher above the $10,000 and $10,500 levels in the near term.

Bitcoin Price Uptrend

This past week, bitcoin price traded with mostly bullish bias above the $9,000 support level against the US Dollar. The price slowly moved higher and broke the $9,250, $9,500 and $9,700 resistance levels. It traded close to the $10,000 level and formed a high at $9,960. Buyers failed to push the price above the $10,000 level, but the bias is still positive.

There was a minor downside correction from the $9,960 high. BTC price declined and traded below the 23.6%…

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