Yesterday, Bitcoin price showcased a massive flood of buying pressure that enabled it to overcome its previous resistance levels, reaching $9,000.
Since then, the BTC bulls were not capable to push it to a very high level of $10,000, which could indicate that it will face higher short-term selling pressure.
Following the impressive rally, the pair has gone into a consolidation phase and returned below $9,000. As of writing, the pair was posting small daily losses and moving sideways near $8,800.
At present, according to the coinmarketcap, Bitcoin is currently trading at $8,896.85 USD with a -0.39% plunge.
BTC is currently holding a market cap value of $163,319,107,728 USD with $41,267,605,963 USD 24hour volume and 18,356,950 BTC circulating supply.
After yesterday’s sharp upsurge, the pair broke above the critical 100-day and the 200-day SMA.
Although the pair’s outlook is likely to remain bullish as long as the price continues to float above those levels, the Relative Strength Index (RSI) on the daily chart is showing overbought conditions above 70.
If the pair makes a technical correction, $8,400 could be seen as the initial support ahead of $8,000. On the upside, $9,200 aligns as the first technical resistance before $9,480 and $10,000.
Also, read, Is 2020 a Good Year for Bitcoin Investors?
Crypto analyst suggests an uptrend rally towards $10,000
Bitcoin’s recent consolidation to $8,800 is likely to be followed by a strong leg to the downside, according to the cryptocurrency trader.
#btc made 5 waves down on the smaller timeframes, abc back up and swiftly rejected the 0.618 almost to the $ and now i think we get one more leg down into low 8ks.
imo this will be a buy the dip opportunity in strong uptrend pic.twitter.com/M0nSv4OwPJ
—
Benjamin Blunts
(@SmartContracter) May 2, 2020
He added that while a further dip is to be sustained, the cryptocurrency remains in a “strong uptrend” that suggests a rally to $10,000 is in the works before the halving takes place.
The analyst further suggested that bitcoin would get one more leg down into low $8,000’s, which would be a buy the dip opportunity in a strong uptrend, the trader explained through a chart.
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