Bitcoin price escalated higher lately and touched the $10,000 resistance zone against the US Dollar. At the moment, the Bitcoin price is floating around $10,000 as the upward drive has declined. The leading cryptocurrency reached an intraday high at $10,166, though instantly left due to the shortage of follow-through and sluggish trading movement.
Bitcoin Price Confluence Levels
The BTC/USD combination did obtain drive above the $9,800 resistance and the 100 hourly simple moving average. Furthermore, the duo cut the $10,000 resistance level and returned the $10,200 resistance. A wave high was established near $10,177 and the Bitcoin price is currently reviewing lower.
Despite some fine improvement on Wednesday, Bitcoin bulls are still wishy-washy. Strong technical difficulties positioned above the current Bitcoin price cap the upward flow and deter short-term buyers. The smaller volatility may indicate that the bulls are not able to push the Bitcoin price higher. BTC/USD has increased by about 3.4% on a day-on-day basis and was stable since the beginning of Thursday.
Is Bitcoin Price Secular?
Secular is a definitive term applied to point to market movements which transpire over the long term. Secular can also lead to particular stocks or stock divisions, untouched by short-term trends. Secular trends are not annual or cyclical. Instead, they remain steady over time. Secular stocks support a latent trajectory despite current financial trends. When employing the term to the Bitcoin price market, a secular market is the market’s overarching course or area for five years or more. Further, secular trends may be higher or downwards in direction.
Secular progress can move in either a positive or negative course. Therefore, the term does not always indicate an increase. Investors may, hence, be secular bears or secular bulls. Also, secular can lead to implied or exciting shifts as the word does not recognize the level of change. The defining features are the long-term scenery of the action and the lack of influence of short-term course on associated movement.
Looking at the chart, the bitcoin price is definitely trading with a positive inclination above the $9,910 and $9,852 levels. Conversely, if there is a sharp drop, the bulls are expected to defend the $9,700 support level. On the upside, a distinct division above $10,190 will most likely set the movement for progress towards $10,500.
Bitcoin price floats above $10,000 after the price movement from the backer at $9,000. The strain at $9,798 flagged the route for a big lift towards $10,200. At the time of writing, BTC/USD is trading at $10,017 with its next decline tied by the 100 Simple Moving Average (SMA) 1-hour.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.