Bitcoin (BTC) Price Analysis: BTC Bulls Facing Multi Rejections At $10,500, $100,000 Is Still A Possibility

  • For the third time, BTC prices passed the $ 10,500 mark and suffered price corrections.
  • However, the downward correction below $ 10,000 is still intact.

In the past four days, the BTC price trembled between the $ 10,000 to $ 10,500 price range. BTC currently controls 61.43% of the crypto market with a massive market cap of $ 186,483,068,279 and a 24-hour trading volume of $ 46,828,214,305.

Source: Tradingview

The technical charts reflect Bitcoin's bullish momentum and minor price corrections in recent days. The Chamber of Industry and Commerce remains in the overbought area, which indicates that it could continue to be subject to price corrections in the future. However, the MACD values ​​indicate strong buying momentum for Bitcoin in the crypto market.

The main concern of Bitcoin is decreasing market dominance. The old coins, on the other hand, are gaining momentum Bitcoin This can be supported by market dominance, which has reached its lowest level (from 68% to 61.43%) since July 2019.

All movements, such as multi-resistance and declining market dominance, indicate that Bitcoin still needs time to exceed $ 10,500 and build long-term upward momentum from here.

Source: Tradingview

As we have seen a direct impact between the volume traded and the price of Bitcoin, OBV points out that the slight volume decline can force BTC to touch its support levels. However, with the increase in volume, the price of BTC also rose and formed the parabolic curve.

The first and second cases marked in the graphic show that BTC has achieved strong positive rallies with increasing volume. However, the OBV is currently sloping down, indicating that there are more price corrections left for BTC versus the USD.

Main resistance level: $ 10,500

Main support levels: $ 10,150 and $ 9,750

Cryptomarket comment on BTC prices

Source: Twitter

Crypto Micheal, one of the well-known technical analysts in the crypto market, suggests that the high resistance of $ 10,500 will force the BTC price to drop below $ 10,000 and reach the main support level of $ 9,750. However, the strong potential of the BTC bulls this year is a strong indicator of a large future bullish rally.

Source: Twitter

Crypto Rand, one of the leading cryptanalysts, speaks of long-term investments and suggests that Bitcoin will surely hit the $ 100,000 dream mark. The blockchain consultant suggests that crypto traders shouldn't be distracted by small price corrections that occur below the $ 20,000 price tag.

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