Bitcoin $10,000 – So near, yet so far!

Bitcoin managed to break out from its recent ranges on Thursday, rallying 5.54% to end the day at $9,748, the gains coming off the back of Wednesday’s 1.87 rise.

It was a day of two halves for Bitcoin, the morning seeing moves within a particularly tight range, with the day’s low $9,161 holding clear of the first major support level of $9,046.63 and 23.6% FIB Retracement Level of $8,996.

A second half of the day rally saw Bitcoin move through the day’s major resistance levels with relative ease to an intraday high $9,875 before easing back to the day’s end $9,748 to hold above the day’s 3^rd major resistance level of $9,786.47.

With Bitcoin having been stuck in a rut in late April through the first few days of May, Thursday’s high was a new swing hi, reinforcing the current bullish trend formed back at 6^th April’s swing lo $6,500 .2, while $10,000 continues to remain ever elusive for the Bitcoin bulls.

Bitcoin’s extended rut is expected to result in a strong move, with the bullish trend supporting a break through to $10,000 levels, though with investors quick to hit the sell-button, a pullback to the recent ranges could see a near-term reversal, with any slide through the 62% FIB Retracement Level of $7,789 likely to kick off a bearish trend. An extension of the current bullish trend will be dependent on Bitcoin breaking through to $10,000 levels in the coming day.

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At the time of writing, Bitcoin was down 1.27% to $9,634.8, with Bitcoin recovering from a start of a day slide to a morning low $9,542.5 before moving back through to $9,600 levels.

With Bitcoin holding well above the day’s first major support level of $9,314.33 and 23.6% FIB Retracement Level of $9,079, it’s looking bullish for Bitcoin for the day, though whether Bitcoin has the legs to break through the $10,000 psychological level to test the day’s first major resistance level of $10,028.33 remains to be seen.

Last year, there were certain milestones that took longer for Bitcoin to break through, with December’s record high coming of the back of an extended period of tight ranges that culminated in a number of sizeable breakouts through the year.

The bulls will be hoping for a similar trend this time around, but with investors continuing to lock in profits, a pullback to the recent ranges could see Bitcoin go into reverse in the 2^nd half of the day to bring the day’s 1^st major support level of $9,314.33 into play.

A fall back through to sub-$9,000 levels could see investors get defensive, which would begin reversing the current bullish trend, though for now we would expect Bitcoin to find support at $9,300 levels and avoid a more material decline ahead of the weekend, barring material news hitting the wires.

A move through to $9,700 levels should be considered a green light for a run at $10,000 later today, once the markets have settled from Thursday’s moves.

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