Bitcoin price chart analysis: Bulls still have the edge

Bitcoin price chart analysis highlights that the cryptocurrency is trading with a large triangle pattern. The $10,000 level appears to be a possible target ahead of the upcoming halving event.

0'>Bitcoin came alive last week, as the pioneer cryptocurrency staged its largest one-day advance in six-months.

Bitcoin price chart analysis shows that bulls could still test towards the $10,000 level ahead of the upcoming halving event this month.

Bitcoin medium-term price trend

Bitcoin staged its largest one-day rally since October 2019 last week after bulls broke above the $8,000 resistance level.

The mentioned rally effectively reversed the entire March 12 crypto flash crash, which provided a clear buy signal for BTC/USD bulls.

Bitcoin price technical analysis shows that the cryptocurrency has now turned technically bullish and could test towards the $10,000 resistance area.

The daily time shows that the BTC/USD pair is trapped within a large triangle pattern. The top of the triangle is located around the $10,200 level.

If bulls fail to move the price above the $10,200 a strong reversal could take place. A breakout above the triangle could result in a powerful rally towards the $13,000 level.

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Bitcoin short-term price trend

0'>Bitcoin price technical analysis shows that short-term bulls have the upper hand while the price trades above the psychological $7,100 level.

Lower time frame analysis shows that the recent rally has created notable bearish price divergence on numerous indicators.

The MACD and RSI indicators both show that negative price divergence has been created on the 30-minute time frame.

A move towards the $8,100 level is currently needed to reverse the negative price divergence on both indicators.

With this in mind, watch out for the bearish RSI and MACD price divergence surrounding the BTC/USD pair to eventually be reversed.

Bitcoin technical summary

Bitcoin price chart technical analysis indicates that the cryptocurrency could rally towards the $10,000 area. Bearish price divergence has formed across the lower time frames.

Bitcoin to US Dollar
Daily change
Low: 17129.8
High: 17161.2
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