- Bitcoin price is technically bound to remain pivotal around $10,000.
- A triangle breakout will strongly determine where Bitcoin heads to next.
Bitcoin price is dancing slightly under $10,000 after failing to maintain headway over the weekend session. The bears are still holding onto the joystick, besides the Asian session on Monday has seen a lower correction from a starting price of $10,025 to an intraday low of $9,929. However, BTC has high a high at $10,047 on the day but remains mundane in its trading.
Immediately liming upward movement is the simple moving averages. Precisely, the 50 SMA on the one-hour chart currently at $10,000 and the 100 SMA currently at $10,043. Moreover, a short-term descending trendline forming part of a triangle pattern is hindering growth as well.
The moving average convergence divergence suggests that BTC/USD could continue to be pivotal around$10,000 in the coming sessions. Investors should not expect sharp movements to either side. The relative strength index (RSI) signifies increasing bear pressure or the fact that the sellers’ is getting stronger. A lagging breakout from the triangle resistance will determine the next significant movement.
BTC/USD 1-hour chart