RATE Group | Bitcoin Starts Convincing Rally To $10K After Short Term Correction: Here Are Key Hurdle…
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Bitcoin Starts Convincing Rally To $10K After Short Term Correction: Here Are Key Hurdle…

06 Feb Bitcoin Starts Convincing Rally To $10K After Short Term Correction: Here Are Key Hurdle…

Posted at 07:27h in Bitcoin News by

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Bitcoin price remained well bid above $9,000 and rallied to a new 2020 high against the US Dollar. BTC is now trading nicely above $9,500 and signaling a strong increase to $10,000.

  • Bitcoin is showing positive signs above the $9,500 and $9,600 levels against the US Dollar.
  • The price jumped to a new 2020 high at $9,764 and it is currently correcting lower.
  • There is a major bullish trend line forming with support near $9,460 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The current trend suggests the price is likely to continue higher towards $10,000 and $10,200.

Bitcoin Could Soon Test $10,000

Recently, there was a downside correction in bitcoin from the $9,600 area against the US Dollar. BTC traded below the $9,400 and $9,300 levels, before the bulls took a stand above $9,000.

A swing low was formed near $9,079 and the price started a fresh increase above the $9,200 resistance area. The bulls gained pace and pushed the price above the 100 hourly simple moving average…

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