Bitcoin (BTC) cruises along the $9,700 to $9,800 range with the help from the bulls. But the BTC/USD pair may need another push to clear the $10,000 mark.
Bitcoin (BTC) inches closer to the $10,000 mark as it trades at $9,800 earlier today. At the same time, the BTC/USD pair hit exactly $7,800 on Bitfinex while Coinbase posted $9,795 and Gemini $9,783.53.
BTC/USD trades at $9,730.32 at press time, registering a 4.84-percent increase in the last 24 hours. The bulls are yet to push the pair a few more notches higher to close in on that $10,000 level.
According to FXStreet, BTC may continue to break down if it fails to clear the $9,500 support area.
“The next course of action for Bitcoin is sideways according to the technical levels as seen on the 4-hour chart. The Relative Strength Index has started to range inside the overbought suggesting directionless trading in the short-term. The Moving Average Convergence Divergence (MACD) continued to move upwards above the mean line. The increasing divergence is an indicator of continued upside correction as bulls gain traction.”
If another bullish momentum can drive BTC/USD today, predictions of most analysts that BTC will land in the $10,000 region will be correct.