Bitcoin (BTC) Price Analysis – July 10
Following the recent price analysis a few days ago, when Bitcoin surpassed the medium-term triangle formation at around $11,600, the cryptocurrency king set its engines on fire before dropping in price now.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance levels: $15,000, $15,500 $16,000
Support levels: $8,000, $7,500, $7,000
BTC and other major alts coins, as seen on Coin Market Cap, have caught a bearish fever in the last 2 hours. With BTC at the head of this trend, as much as the first 20 cryptocurrencies listed on CMC fall drastically in price and market capitalization. The crypto market is experiencing another “one-sided” bull market, with only the BTC showing potential for higher prices.
Bitcoin price was rejected at the important level above $13,000; much like it was at $14,000. With $13,000 as the new psychological barrier to the Bull Run, anything below it now is bear territory, and bulls will need to stay on their toes. However, if a deeper correction follows here, it could be considered extremely healthy for the first-ever crypto asset. The stochastic RSI is still at the oversold zone.
BTC/USD Medium-term Trend: Bullish (4H Chart)
Bitcoin is currently in the ascending range of the medium-term outlook as the target market has support levels of $10,000, $10,500 and $9,000. But as the downtrend continues, the Bitcoin market is gaining momentum with the support of 55-day moving average as buyers keeping tight positions.
Looking at the MACD indicator on the 4-hour chart, it shows that BTC price may continue to experience some slight drops for a little time before a reversal could take place. Immediately the market reverses, the buyers may likely pull the price up to $15,000, $15,500 and $16,000 resistance levels.
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