Bitcoin Reclaims $10,000 in Sudden Surge: Can Bulls Keep the Pace?
Well then. Bitcoin (BTC) has just reclaimed $10,000 in a sudden surge to the upside. As of the time of writing, the cryptocurrency sits just shy of $10,000, finding itself up 4% in the past 24 hours.
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Interestingly, altcoins have underperformed the market leader, accentuating the trend of BTC outperforming its ilk during sudden moves higher.
Bitcoin Moves Past $10,000 After Lull
After over a week of a price action lull, BTC managed to break out on Tuesday. After failing to break past $9,700 multiple times, Bitcoin ticked higher on Tuesday morning, moving past a key resistance level at $9,800. Then, at around 1:00 pm (UTC), bulls managed to take control of the market, pushing the price of BTC quickly to $10,000.
This move caught many traders with their pants down, as there has been a multitude of calls for lower lows pushed over recent days. Also, there were no positive news stories about the cryptocurrency industry released during this time, making this Bitcoin surge that much more confusing.
While it isn’t clear if there is any correlation here, this writer noticed that the publishing of an article from CoinDesk about the first “physical” Bitcoin futures lined up with the move from $9,850 to $10,000. Notably, the article was published at 1:00 pm (UTC), which, as aforementioned, is when the aforementioned movement began.
What Are Analysts Saying?
What are analysts saying right now?
Interestingly, it’s a bit of a mixed bag, despite the fact that Bitcoin reclaiming the auspicious $10,000 price point is quite notable.
Through his Telegram channel, Joe McCann recently wrote that BTC is looking slightly overextended on the five-minute chart, later adding that he is looking to ride a short to $9,830.
However, he adds that from a medium-term time frame, things are looking a bit better. He noted that Bitcoin is starting to exhibit a move towards a Moving Average Convergence Divergence (MACD) crossover on the one-day chart, which last occurred prior to BTC’s 60% move from $8,500 to $14,000.
So, the conclusion that can be drawn from this is as follows: BTC is likely overextended in the short term. But, should bulls manage to hold key levels, Bitcoin could print a bullish technical crossover, creating a catalyst for yet another strong move higher.
Many analysts are still coping with this move. But over the next hours, sentiment on this surprising move to retake $10,000 should become clear.
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Nick Chong, Khareem Sudlow
