Bitcoin $700 Surge In 24HR – Is $11K Coming Up Very Soon? BTC Price Analysis

In our recent Bitcoin price analysis, just from two days ago, we identified bullish signs in Bitcoin, still under the $10,000 region.

Since our analysis, and over the past two days, Bitcoin gained momentum, breaking out the mentioned resistance level of the 4-hour’s MA-50 (~$9700), along with the descending trend-line. Since then, we saw consolidation upon the $10K level (along with the MA-100 marked with by a white line on the 4-hours chart) and a surge following the breakout of the $10K level.

As of now, the coin is encountering its first major obstacle – the support turned resistance area of $10,500 – $10,600 along with the 50-days moving average line (marked with purple on the following 1-day chart).

Was that the last time we saw Bitcoin under $10,000? Only time will tell.

Total Market Cap: $286 billion

Bitcoin Market Cap: $188 billion

BTC Dominance Index: 65.8%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance:
As stated above, Bitcoin is now facing the $10,5000 -$10,600 old support turned resistance area, along with the daily MA-50. A break-up and the next resistance lies at $10,800, which is the long-term ascending trend-line (from below), before another major resistance zone at $11,000 – $11,200. Further above is $11,500, $11,800 and $12,000.

From below, resistance turned support levels at $10,200, $10,000 (4-day MA-100) and $9800.

– Daily chart’s RSI: Following the recent spike, we finally saw the RSI indicator (shown on the following daily chart) gaining momentum surpassing the 50 RSI level, entering the bullish territory again and creating a higher low, which is fabulous for the Bitcoin bulls.

– Trading Volume: Despite the decent gains, the volume is not yet here. The last two days carried higher volume than the rest of the past week. However, it’s still far volume levels produced over the past two months.

BTC/USD BitStamp 4-Hour Chart

btc_aug2_4h-min

BTC/USD BitStamp 1-Day Chart

btc_aug2_d-min

The post Bitcoin $700 Surge In 24HR – Is $11K Coming Up Very Soon? BTC Price Analysis appeared first on CryptoPotato.

scroll to top