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Bitcoin Price Hits Fresh Yearly Highs, Profit Taking Push the Price Below $10000

Βitcoin price BTCUSD
Βitcoin - BTCUSD

Bitcoin price gives up early Asian session gains and retreats below the critical $10000 mark. BTCUSD managed to make fresh four-month and yearly highs at $10199. As we discussed in our Bitcoin analysis last Friday the Bitcoin price bulls targeting a break above $10000 that happened earlier and now need a close above that mark. Bitcoin has formed a strong base at $9550 and the momentum is bullish as long as the crypto pair is trading above that level. The trend remains bullish for bitcoin, and investors will be looking for opportunities to buy dips.

Crypto investors hope for widespread adoption of cryptocurrencies as the main factor fueling the 2020 rally. The options on bitcoin futures by the CME improves investors sentiment of approval of the digital assets by large institutional investors as the volumes increase.

Read our Best Trading Ideas for 2020.

Bitcoin Price Technical Outlook

Bitcoin is 1.71% lower at $9993 as the bullish momentum that started at the beginning of 2020 push the price to higher levels in a step by step upward move that forms a healthy rally.  A close today above the $10000 mark might be the start of another leg higher.

In case of a pullback, the first support for bitcoin will be met at $9731 the daily low. If bitcoin (BTCUSD) price breaks below, the next support stands at $9656 the low from February 8th trading session.  Next level to watch on the downside is at $9550 upper bound of the recent trading range.

On the upside, immediate resistance will be met at $10199 the daily high. The next resistance stands at $10363 the high from October 27th.  In case of a bullish breakout, might open the way for a move up to $10550 the high from September 8th.