Bitcoin Broke $10,000 Mark Resulted Price Correction Presenting Buying Opportunity

• The bullish rally built by Bitcoin since the inception of 2020 helped it to broke the $10,000 mark.
• However, the sharp rising rally has cause price correction, which can be a golden buying opportunity for traders.

The world’s largest cryptocurrency finally broke $10,000 mark after three months of struggle. The bullish rally built by bitcoin since the starting of the year majorly helped. The momentum was backed both fundamentally and technically.

However, the sharp rising momentum has caused its price correction in today’s market, which can be capitalized by traders.

But the stat doesn’t say so, According to Coinmarketcap in September 2019, Bitcoin successfully in broke the $10,000 mark and reach its high (for the month) of $10,762.64. Soon after that, it faced bearish momentum, which brought it back to $7,000 level in December 2019.

However, the technical charts indicate that BTC will carry the bullish momentum built. A slight price correction is the result of sharp positive rallies. Currently, it is around $9,984.00 with the market capitalization of $181,591,160,893 and the 24H volume traded is over $16,921,914,617.

Now, the resistance mark for BTC will be around $10,200. The negative momentum might bring it to the main support level of $9,850, where BTC bulls are likely to come into play.

Considering the strong uptrend of the price in 2020, the price correction should be treated as a decent buying opportunity. However, if it goes below $9,500, it can start a substantial downside correction

The RSI is declining to the level of 50. The CCI is facing negative divergence from the overbought zone, which favors BTC bulls. The MACD levels also indicate the active buying phase for bitcoin.

Resistance levels- $10,200 and $10,500.

Support levels- $9850 and $10,000

Pratik Chadhokar

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.