Bitcoin Momentum Stalls But Is $10,000 Recoverable?

  • Bitcoin futures contract stalls recovery from $9,000.
  • Open Interest continues to grow even as volatility remains low.

BTC/USD perpetual inverse swap contract on BitMEX exchange went through a reckoning upward ride on Friday and over the weekend session. The asset rose from the ashes below $7,500 to highs above $10,500 in less than 48-hours. The entire crypto market also reacted in tandem with Bitcoin as they scaled above some key support levels.

Meanwhile, Bitcoin is trading at $9,564 amid a strengthening bearish momentum. The retracement from the recent high at $10,575 found support at the 50% Fib retracement level taken between the last swing high of $10,575 to a low of $7,294. Although the bulls pushed for an immediate recovery, $10,000 still remains out of reach.

XBT/USD 2-hour chart

XBT/USD price chart by Tradingview

The ongoing retreat has stepped beneath the short-term ascending trendline support. The price is still trading above the Moving Averages (MA) whereby the 50 MA on the two-hour chart is offering support at $8,671 and the 100 MA stands at $8,345.50.

The downward sloping Relative Strength Index (RSI) coupled with the increasing volume shows that the retreat could last longer or even retest $9,000. On the other hand, as long the gap between the 50 MA and the 100 MA continues to expand, Bitcoin bulls will remain relatively in control.

BitMEX price index stands at $9,575.61 while the contract has a 24-hour volume of 5.4 billion. The open interest stands at 731 million, at the same time, it’s the contract’s funding interest is 0.0231% in the last six hours.

Bitcoin Key Levels

Percentage change; 4.08% in the last 24 hours

Relative change: 8.91

Trend: Bullish

Volatility: Low

RSI: Downward slopping

The post XBT/USD Analysis: Bitcoin Momentum Stalls But Is $10,000 Recoverable? appeared first on Coingape.

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