RATE Group | Top 3 Reasons Why Bitcoin Could Surpass $10,000 Despite Recent Correction
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Top 3 Reasons Why Bitcoin Could Surpass $10,000 Despite Recent Correction

19 May Top 3 Reasons Why Bitcoin Could Surpass $10,000 Despite Recent Correction

Posted at 05:46h in Bitcoin News by

Bitcoin is currently correcting lower from the $9,950-$10,000 resistance zone against the US Dollar. BTC price is likely to bounce back as long as it is above the $9,500 support.

  • Bitcoin is currently showing a few bearish signs, but it is still above key supports such as $9,500.
  • The price is finding a strong buying interest near $9,560 and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $9,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could surge towards $10,000 unless it breaks the $9,500 support and the 100 hourly SMA.

Bitcoin Testing Key Supports

Bitcoin retested the $9,950-$10,000 resistance zone against the US Dollar, but it failed to continue higher. BTC price traded as high as $9,945 and recently started a downside correction.

It failed to stay above the $9,800 and $9,700 levels. The decline was such that the price even spiked below the 50% Fib retracement level of the upward move from the…

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