According to the latest technical analysis, Bitcoin (BTC) returned to a five-digit level on February 19 and is currently on the way to retest the peak of $ 10,500.
At the time of writing, Bitcoin was priced at $ 10,139, up 4.48% in a 24-hour range.
However, the largest coin in the market is showing signs of exhaustion in the past 24 hours, Bitcoin broke the trendline support of $ 9,700. However, the sell-off met strong buying force of USD 9,600 and the market quickly erected a column to reach USD 10,290.
Tuesday's rally is a milestone that marks a return from the peak of $ 10,500 and moves the status to positive with a gold cross between the 50 and 200-day average.
As a result, a stronger rally may take place in the short term, especially when gold, an asset considered a haven, has just shown signs of a breakout.
The precious metal rose 1.32% on Tuesday, the strongest intraday increase since Jan. 3.
Bitcoin price has also gradually tended to be similar to Gold in recent years. There was a time when the correlation between gold and Bitcoin reached 0.7 in January after hitting a bottom of -0.12 in December.
Bitcoin soared 5% on Tuesday, holding support of the upward trendline and confirming a new high of $ 9,467 - a sign of the January-based rally (from $ 6,850) still in progress. .
In addition, the price can close above the $ 10,050 (the peak of the doji on Sunday), confirming a breakout for the momentum, after a period of market hesitation.
With the rally back, a test of the $ 10,500 peak once again is possible.
4-hour candle chart
Bitcoin remains in an extended downtrend channel on the 4-hour chart. A breakout is possible when the RSI is volatile and breaks the down trendline.
If the price fails to stabilize above the $ 10,000 threshold, the market is likely to return to support $ 9,825 on the hourly chart (upper left).
If the price fails to hold, all attention will be focused on the neckline support of the head and shoulders pattern on the 4-hour candlestick chart. At the time of writing, the key support level is $ 9,582. If below this level, the market can slide to $ 9,000.
- Bitcoin jumped back to the $ 10,000 threshold on Tuesday, reestablishing the uptrend and opening up the opportunity to bounce back to the $ 10,500 threshold.
- The uptrend can be stronger with the breakout of the downtrend channel on the 4-hour chart.
- If the resistance of the price channel keeps getting in the way, the market might retest the previous sensitive level of $ 9,825.
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According to Coin68 / CoinDesk