Aggressive Buying by Bulls Propels Bitcoin to Close near the $10,000 Mark

Bitcoin Price Analysis: The coin rallies above the $9,000 price level after a break down beneath the $8,000 price level.

The BTC/USD pair tested the bearish trend line but failed to pull through. A breakout above the line will be a positive sign.

Bitcoin price Long-term Prediction: Bearish

During the previous day, Bitcoin made an amazing upward movement after the bears were shocked beneath the $8,000 price level. The bears failed to hold price after a breakdown and the bulls took possession of price. 

On October 26, Bitcoin price soared over 40% and reached $10,500 USD at the maximum point. Nonetheless, the bulls have made positive moves as the price breaks above the $9,000 resistance level. 

All the same, the BTC price has one more hurdle to jump over. That is to say, the price has to break above the bearish trend line or the $10, 000 supply levels. If the bearish trend line is breached and the price is sustained above the line; this signals the resumption of an uptrend.

Bitcoin Indicator Reading 

The market is above level 60 of the daily RSI period 14. This explains that the price is in the bullish trend zone. The market is also above the 12-day and 26-day EMAs. This points out that the price is likely to continue its rise in the bullish trend zone.

What is the next direction for Bitcoin?

 The BTC price has not reached the terminal point of its bullish movement. Bitcoin is not yet out of troubled waters. The coin is deemed to have an upper hand above the bears when the bearish trend line is broken and the market continues its uptrend to the previous highs of $12,000 and $13,000 supply zones. On the downward outlook, if the price retraces beneath the $9,000 price level, the coin will fall again to the previous low of $8,500 price level.

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand zones: $7, 000, $6, 000, $5,000

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.