Will Bitcoin Price Surge Past $10k?
The cryptocurrency market recovered surprisingly, thereby making Bitcoin to flat-line close to $9,650 for over 24 hours. The price of Bitcoin has surged higher thereby attaining as high as $9,945 a few hours ago.
The quick two percent gain from $9.7k led to the liquidation of short-side positions valued at $15 million on BitMEX. This is because traders started de-levering their positions within the previous day or two when Bitcoin started stagnating.
According to a renowned trader known as Mexbt, after Bitcoin’s breakout of a short-term ascending triangle in this latest move, the focus is on price level close to $10,220 representing 3.2 percent increment from the current price.
A noteworthy point is that Bitcoin has not confirmed a 4-hour close over the ascending triangle Mexbt drew, despite the good chances it will.
In the chart posted by Josh Rager on Twitter, Bitcoin might head towards the top of the range at just over $10.1k. If it closes over the range, it might establish a move to new local highs over $10.5k.
Hey Bitcoin, you are alive
— Josh Rager 📈 (@Josh_Rager) February 23, 2020
In addition, according to HornHairs, Bitcoin is at the moment up against a strong barrier at $9.9k, the weekly open. He noted that as long as $9.5k remains intact on a daily and weekly basis, he could suggest a move to $10.2k, followed by $11k in the weeks ahead.
$BTC Macro Update:
Price up against Monday's Hi & current Weekly Open here at $9.9k.
Again, as long as $9.5k weekly support & 1D bullish structure holds I expect the party to rage on to the upside. $10.2k then $11k.
Until $9.5k breaks on a 1D close, life is easier as a bull. pic.twitter.com/o5hO9xLCC9
— HornHairs 🌊 (@CryptoHornHairs) February 23, 2020
Featured image courtesy of Wallpaper Abyss. Source: Cryptopress.