- Bitcoin price is settling above $6,800 in anticipation of a rally towards $10,000 post-May halving.
- Bitcoin halving is managing to direct attention back to the cryptocurrency market amid the COVID-19 pandemic.
However, the ongoing fight against the COVID-19 disease has every investor on the edge as Bitcoin could very well dive back to $3,000. Therefore, a rally is not entirely out of the picture but it will take more effort and courage, unlike the past rallies during Bitcoin halving.
Bitcoin Price Technical Picture
At the time of writing, BTC/USD is trading at $6,875. Its immediate downside is supported by the lower trendline of an ascending channel. Also in line to offer support is the 50 SMA in the 4-hour range. Various technical indicators such as the RSI and the MACD show that buyers are trying to take back control following the dip to $6,575.
For instance, the RSI is grinding upwards and almost crossing above 50. Bitcoin’s volatility is still high and coupled with a break above $6,900, there is a likelihood of a spike beyond $7,000. This could mark the beginning of pre and post-halving rally, which could bring Bitcoin back to levels above $10,000.
Key Bitcoin Intraday Levels
Spot rate: $6,875
Relative change: 15
Percentage change:0.2%
Trend: Bullish
Volatility: High