After falling below the pivotal $10,000 price level this weekend, BTC managed to bounce back above $10,000 this week and is now trading at levels similar to earlier last week. During the past seven-day period, BTC managed to stabilize around $11,000 following the market downturn that occurred in early February. Now, the digital currency is trending up and is set to test the $11,000 mark once again.
Today, news also broke out that the self-proclaimed “Bitcoin creator” Craig Wright is being sued for allegedly stealing over $5 billion worth of Bitcoin and other crypto assets from former business partner David Kleiman.
BTC In Bullish Zone
The current chart for BTC/USD indicates that the cryptocurrency is preparing for a bullish return. BTC reached a high of $10,888 earlier today, and it’s now ready to reach $11,000 shortly. A major bullish trend has formed after hitting a support level of $10,475, and a bullish reversal has occurred. The major resistance that needs to be tested is $10,875. If a breakout occurs past this level in the following hours, $11,000 is the next stop.
The MACD and RSI indicators have all shown bullish signs, and for tomorrow, it’s likely we see BTC reach its two-month moving average of approximately $11,400 — this is the short-term upside. For a less optimistic scenario, BTC could be hovering in the range of $10,500 and $10,800, but it would be still relatively close to $11,000 and a bullish return is still a high possibility. Both scenarios rule out a significant price drop back below $10,000.
Looking at the Technical Indicators:
- Hourly MACD & RSI — BTC is on a bullish trend
- Major Support Level — $10,475
- Major Resistance Level — $10,875
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