Bitcoin Price Bulls Return Targeting the $10500 Top
Bitcoin price managed to rebound yesterday from the strong support at $9600 above the $10000 mark giving the bulls the upper hand. BTCUSD after spending a couple of hours outside the ascending channel that drives bitcoin with an impressive rally returned to the bullish path.
Bitcoin has formed an intraday high at $10214 and as of writing the bitcoin price is correcting lower giving up 1.13% at $10070.
Michael Bloomberg, a 2020 U.S. Presidential candidate addressed the subject of cryptocurrencies and initial coin offerings in his Financial Reform Policy. Bloomberg wants more regulatory oversight of the crypto industry, claiming he sees plenty of hype, fraud and criminal activity.
U.S. IRS has invited cryptocurrency companies to appear for a March 3rd summit in Washington. Among the aims of the conference are to determine how to balance taxpayer service with regulatory enforcement. Topics include preparing tax returns, regulatory guidance and compliance, issues for cryptocurrency exchanges, and crypto technology updates.
Bulls have returned to Bitcoin as the crypto pair breached above the 10000 mark. We have discussed the previous week the strong support at $9550 area. The correction the last trading sessions extended till $9470 from where BTCUSD managed to rebound.
On the upside, the immediate hurdle for BTCUSD stands at $10214 the daily top. The next resistance stands at $10400 the high from February 15th. The five-month top at 10500 is the next supply zone. If bitcoin fails to break above it might continue to consolidate around the 10000 mark.
On the flip side, immediate support for bitcoin will be met at $1055 the daily low. If BTCUSD price breaks below that low, the next support stands at $9807 the lower band of the ascending channel. Next support level is at $9611 the low from yesterday’s trading session.