Bitcoin (BTC) Price Outlook:
- Bitcoin has rallied to start the year after slowly bleeding lower in the second half of 2019
- The break above $10,000 establishes a higher-high from October and works to further bullish sentiment
- Now the coin can look to enjoy a series of supportive levels beneath as bulls set their sights higher
Bitcoin Price Forecast: BTC/USD Charges Past $10,000 and Aims Higher
After briefly overtaking the $10,000 mark over the weekend, Bitcoin surged above the psychological level on Tuesday as bulls looked to extend the digital asset’s surge in the year-to-date. The rally has seen BTC/USD climb more than 42% since January 1 – offering a performance reminiscent of early to mid-2019 when it climbed considerably before surrendering gains in the second half of the year.
Bitcoin (BTC/USD) Daily Price Chart
Two weeks ago, I argued a breach above $10,000 would provide further encouragement for a continuation higher. To that end, the coin’s recent price action has seen it establish a higher-high – surmounting Bitcoin’s October peak. The new high, coupled with an ascending trendline from early January and the 200-day simple moving average underneath, should work to buoy BTC if bearish pressure mounts. Either way, the technical landscape suggests an extension higher is a possibility.
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With that in mind, bulls will likely set their sights on subsequent resistance around $11,000 which worked to stall bullish moves in August and September. Secondary resistance may reside at the Fibonacci level around $11,460. As Bitcoin believers and technical traders look to extend Bitcoin’s rally, follow @PeterHanksFX on Twitter for updates and analysis.
–Written by Peter Hanks, Junior Analyst for DailyFX.com
Contact and follow Peter on Twitter @PeterHanksFX