Bitcoin Price Analysis: BTC/USD Mooning To $10,000 Ahead Of The Halving In The Offing
- Bitcoin price spikes above $9,300 in readiness for a pre-halving rally to $10,000.
- As the 50-day SMA closed the gap toward 200-day SMA, incoming bullish momentum could be massive.
After plummeting to $8,400 following the breakout that almost tested $9,500, Bitcoin bulls have kept their interest in check. The desire to stick on the market mainly fueled by the halving in four days. Intriguingly, the price has recovered to settle above $9,000. Moreover, bulls are extending the action above $9,300 towards the end of the Asian session on Thursday.
A Pre-halving rally to $10,000?
As halving draws nigh, a pre-halving rally is on the table. Investors joining the market for a post-halving rally could easily push Bitcoin price above $9,500. However, BTC/USD has the potential to top $10,000 by the end of this weekend.
Bitcoin price technical picture
Bitcoin price is teetering at $9,334 at the time of writing. Its immediate upside is supported by the short term accelerated trendline (broken line). The Relative Strength Index (RSI) has made it back into the overbought region (above 70). This move would continue to encourage more buyers to join the market as their confidence grows. A break past the key hurdle at $9,400 could also boost the price above $9,500.
BTC/USD daily chart
On the other hand, the 50-day SMA is closing the gap between the 200-day SMA to show that bullish power is coming and could be a force to be reckoned with. On the flipside, a breakout fails and Bitcoin corrects lower, support to be embraced lies at $8,800, $8,400, the 200-day SMA at $8,000 (aided by the 61.8% Fibo) and the 50-day SMA currently at $7,245.
Bitcoin Intraday Key Levels
Spot rate: $9,334
Relative change: 177
Percentage change: 1.91%
Trend: Bullish
Volatility: Expanding
As the 50-day SMA closed the gap toward 200-day SMA, incoming bullish momentum could be massive.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Thu, 07 May 2020 03:37:40 +0000
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