Bitcoin Price Analysis: Why BTC/USD consolidation above $9,700 remains key to the surge above $10,000?

  • Bitcoin price sustains from December lows under $6,500, renewing the hopes of conquering $10,000 resistance.
  • A double top pattern formation warns of a possible reversal, especially of Bitcoin fails to rise above $10,000.

Spot rate: $9,758

Relative change: -48

Percentage change: -0.5%

Trend: Bearish

Volatility: High

BTC/USD daily chart

Bitcoin price settles above the 200-day SMA but stalls at $9,900 as consolidation set in.

The RSI shows that the sideways trading above $9,700 could continue throughout the weekend session.

BTC/USD 4-hour chart

Bitcoin price momentum indicator sustains the break into the positive zone despite the rejection at $9,900.

As long as the 50 SAM continues to trend upwards and increase the gap above the 100 SMA, BTC will continue to have the potential to clear the resistances at $9,900 and $10,000 respectively.

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