Bitcoin Price Rebounds but CME Gap & $10.3K Remain Big Obstacles

In comparison with the value motion of the earlier two weeks, this weekend has been comparatively relaxed for Bitcoin (BTC) merchants. On Saturday the value got here inside $10 of $10,000 earlier than pulling again to $9,794 and on the time of writing the value continues to satisfy resistance at $9,900.

Crypto market daily price chart. Source: Coin360

Crypto market day by day value chart. Supply: Coin360

On the 6-hour timeframe, the quantity profile seen vary (VPVR) exhibits the value rejecting on the excessive quantity node at $9,883 but on the identical time, we will see that buying quantity is starting to outpace promoting quantity.

Regardless of the lack to carry above $9,900, the shorter timeframe additionally exhibits Bitcoin value portray increased lows because the drop on Feb. 19 to $9,352 and the value can also be holding effectively above the 20-MA of the Bollinger Bands indicator.

A excessive quantity surge may simply push the value to the higher Bollinger band arm at $10,126 but Bitcoin would nonetheless have some challenges forward.

BTC USDT 6-hour chart. Source: TradingView​​​​​​​

BTC USDT 6-hour chart. Supply: TradingView

If Bitcoin can maintain the $9,850 assist and push above $9,883, we may see the value rise to $10,200 as it’s presently sandwiched between VPVR nodes at $10,210 and $9,892.

In an earlier evaluation, Cointelegraph contributor Keith Waring defined that $10,000 is a much less essential stage to achieve when contemplating {that a} vital resistance at $10,300 awaits.

Waring additionally notes that though Bitcoin’s present setup strengthens the chance of the value retaking the $10Ok mark, the CME shut at $9,740 on Feb. 21 means merchants believing within the CME hole narrative will maintain their powder with the expectation of the value revisiting the hole.

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BTC USDT daily chart. Source: TradingView​​​​​​​

BTC USDT day by day chart. Supply: TradingView

In the meantime, crypto analyst Micheal Van De Poppe has taken a extra bullish perspective, tweeting the above chart and saying:

“Retest executed. So long as this stage stays assist, I am anticipating continuation in direction of $11,000 / $11,600.”

BTC USDT daily chart. Source: TradingView​​​​​​​

BTC USDT day by day chart. Supply: TradingView

On the time of writing, Bitcoin value continues to push alongside the descending trendline at $9,989. A break above this trendline would put the value above the VPVR excessive quantity node at $9,892 and nearer to the 61.8% Fibonacci retracement. This could additionally strengthen the opportunity of Bitcoin taking out the earlier day by day excessive at $10,250.

The day by day relative energy index (RSI) can also be making its method out of impartial territory because it presently climbs above 55. One other constructive signal is the day by day transferring common convergence divergence (MACD) histogram portray a shorter, pink bar which exhibits promoting is abating as bull quantity will increase.

For the short-term, we’ll search for Bitcoin value to push to $10,200 and watch to see if the digital asset can reclaim this resistance as assist as this may set the value up for an additional go at $10,300. Within the occasion that the value does drop to fill the CME hole at $9,740, merchants will possible view this as a buying alternative since Bitcoin has discovered assist at this value since Feb.7 and under $9,740 there has can also be assist at $9,450.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer includes threat. You must conduct your personal analysis when making a call.

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