Within the last week, in particular, and over the last couple of months, bitcoin (BTC) has staged a rally from its USD $4,000 sideways range, which the price was locked into for months, from around November 2018 to April 2019. Bitcoin now sits around $12,750, as the morning proceeds in the EST time zone.
It is reasonable to assume that the price will be met with some selling pressure and settle into a new range. Will the $10,000 price point be the sweet spot for a new higher position compared with the prior months? A side interest of 10K is a clean, round number, that makes calculating BTC conversions easy.
Technically speaking, the $10,000 mark is the midway point between the short-lived, parabolic all-time high back in December 2017 of $20,000 and $0.
$10K seems to be a good crux BTC can always assemble on, while short term buying and selling pressures work themselves out.
In the chart above, you can see the action visualized. After the all-time high price entering 2018, the price directly settled back down and whipsawed back and forth the $10K point until May 2018. Then, bitcoin eventually gave way to lower ranges between $6,000 and $4,000 seen throughout the last year.
Now that the price has jumped up out of its sideways trend, will we see a new higher range, between $8,000 – $12,000+ established? Time will tell whether the price keeps marching up, or if this rally will soon be met with selling. Nonetheless, the $10K mark is a balancing point to watch, and serves as a fulcrum of recent trends.
