It’s been a brutal couple of weeks for Bitcoin and cryptocurrency in general, but Bitcoin has recovered from the slump and gained 2.72% in the past 24 hours which begs the question: Will Bitcoin hit $10K this week?
Bitcoin is trading at $8,231 while dominance continues to remain at 66%. The price started an upside correction in the early hours of Monday, October 7, and went above the $8,000 resistance against the USD. The price is testing resistance at $8,350. There was a break above Monday’s highlighted declining channel with resistance near the $8,060 level on the hourly chart of the BTC/USD pair.
The price is currently consolidating gains and it could correct lower towards $8,150 or $8,050. The price is currently rebounding above $8,200 against the US Dollar. Despite this bullish action, BTC is still facing a lot of hurdles on the upside near $8,400 and $8,500.
On Monday, BTC traded to a new weekly low around $7,770 against the USD. Later, the price started an upside correction above the $7,800 and $7,950 resistance level with a break above the $8,000 level and the 100-hour SMA. Concurrently, during the rise there was a break above yesterday’s highlighted declining channel with resistance near the $8,060 level on the hourly chart of the BTC/USD pair. The pair made it above the $8,200 resistance and tested the $8,350 level. The price is currently correcting upwards and yielding gains. It is trading towards the 22% Fib retracement level of the recent rebound from the $7,770 low to $8,300 high. There appears to be new support being formed at the $8,200 level.
To note: If the sentiment turns bearish and there is a downside break below the channel support, the price could correct lower towards the $8,000 level. The main support on the downside is near the $8,050 level and the 100-hour SMA. Moreover, the 50% Fib retracement level of the recent rebound from the $7,770 low to $8,300 high is close to the $8,050 level to provide support.
If markets dip towards the $8,050 level, any further decline could push the price towards $8,000 or the 60% Fib retracement level of the recent rebound. There is resistance near $8,350, $8,400 and $8,500 respectively. A successful close above the $8,500 resistance is essential for the price to move into a positive zone.
At this time, the price continues to rebound from the $7,770 level but it is still well below the $8,500 level. In the short term, there could be another dip towards the $8,050 support before the price climbs above $8,350. Without the support or pending news that could sway the markets one way or another, it it unlikely that Bitcoin will reach the $10K point this week.
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