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Bitcoin Price (BTC) Rallies 10%, Dips Remain Attractive To Buyers
Bitcoin price started a strong recovery and broke the key $10,000 resistance area against the US Dollar.The price surged more than 10% and broke the $10,500 resistance to test $10,800.There was a break above a major bearish trend line with resistance near $9,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price traded as high as $10,807 and it is currently consolidating gains.Bitcoin price surged more than 10% above $10,500 against the US Dollar. BTC is currently consolidating gains and dips are likely to find a strong support above $10,000 and $10,200.Bitcoin Price AnalysisIn the past few days, we saw a Looking at the chart, bitcoin price is clearly trading in a positive zone above the $10,200 and $10,400 support levels. If there are more gains above $10,800, the price might move towards the $11,500 level in the near term.Technical indicators:Hourly MACD – The MACD is slowly moving back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting from 70 and it could test 55.Major Support Levels – $10,400 followed by $10,200.Major Resistance Levels – $10,800, $11,000 and $11,500.
Author: Aayush Jindal
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