Bitcoin $10,000 resistance breach imminent
Bitcoin has made substantial gains over the last 24 hours, gaining 6.1 percent. The coin is now up 34.5 percent month to date and 12.3 percent over the last seven days.
Bitcoin’s gains are set to continue as it has formed a strong upwards channel movement towards the psychological level of $10,000. As seen from the MACD, the bulls are firmly in control of the price movement.
In order for the coin to reach this figure, buyers will need to contend with the fact that it could be considered overbought by the majority of traders. The coin suffered several pullbacks on the way up to $9,000, so it’s likely that this pattern of pullback, consolidation, and breakout will continue.
At the time of writing, bitcoin is currently in the overbought territory but it is not giving up signs that buyers will be exhausted anytime soon. One indicator for assessing these extreme levels is the RSI, which can commonly drift into these zones during strong trends.
There are some more positive developments for bitcoin bulls. The halving event is due to occur on May 11, so there’s still plenty of time for buyers to continue the strong momentum and send it possibly towards a new all-time high for the world’s most established cryptocurrency.
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