Increased trading volume and a move toward key resilience imply that the price of Bitcoin has returned to $ 10,000.
The price of Bitcoin (BTC) rose today, rising 5.78% to $ 9,398 before retreating to consolidate in the $ 9,300 range. The strong upward movement pushed the top - ranked digital presence at Coinmarketcap through the $ 8,800 - $ 8,930 resistance zone.
The price of Bitcoin rebounded 14.48% as the first-half correction reduced the price to $ 8,122, causing traders to seek $ 9,200 to serve as support.
With Bitcoin slowly moving towards $ 10,000, the region of $ 9,300 to $ 9,400 could be a point where resistance would provide a repeat of $ 9,061, where old resistance levels are at $ 9,200 and $ 9,061, with a 78.6% Fibonacci retracement.
In the hour-long timeframe, the price of Bitcoin appears to be building on a flagpole high volume growth, creating a bullish flag that is accompanied by declining trading volume to the current consolidation.
In the coming hours the price looks set to continue to consolidate to $ 9,260- $ 9,334, where there is also a VPVR high-volume knot aligned with the base of the flag. The trend line, which declined from May 7's high of $ 10,070, remains overall, and in today's session the price met resistance on the trend line.
Today's rally also brought the price to the top of the rising channel, and throughout the day the price found support at the top of the channel. A drop below $ 9,300 places the price back in the channel, increasing the likelihood that the price will fall to 20-MA from $ 9,180.
If the Bulls can raise the price above the $ 9,400 level, traders will target $ 9,750 as their next target.