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Bitcoin Prices Could Resume Uptrend on Break to $10,056 High, BTCUSD

Bitcoin Cash
Bitcoin Cash

Bitcoin prices, BTCUSD, remain under pressure after reaching a fresh 2020 high of $10,515 on Thursday last week. The price subsequently fell below the February 11 low of $9722 and that ended the short-term uptrend in bitcoin prices. For the price to resume its uptrend the price needs to trade above the February 16 high of $10,056.

There is no particular reason for the price to slide, other than profit-taking, while some are speculating that the lower spread of the coronavirus has shifted money from cryptocurrencies to stock indices.

Read our Best Trading Ideas for 2020.

Looking beyond the near term price action in Bitcoin prices, the overall trend remains upwards, above the February 4 low of 9052, and on January 13 the price breached out of a wedge pattern that dominated the price action in Bitcoin since the summer of 2019. Following the breakout from the wedge pattern, the wedge suggested that BTCUSD could reach the $11680 level, this target remains unmet. 

The biggest risk for bitcoin bulls is if the price trades below the February low. If it does, then it might suggest that 2020 high is a new lower high in relative to the 2019 high of 13837 and that the price could revisit the $8000 mark.

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