Bitcoin market update: BTC/USD bulls defiantly push towards $11,000
- The phenomenon recovery from $9,100 gave Bitcoin a kick above the moving averages.
- The technical picture is still positive despite Bitcoin being oversold.
The cryptocurrency market stays in the green as week’s trading grinds to a halt. After opening the week amid negative volatility, Bitcoin buyers focused on higher levels. The phenomenon recovery gave Bitcoin a kick above the 50 Simple Moving Average (SMA) 1-hour chart and later the 100 SMA 1-hour.
Overcoming the hurdle at $9,800 allowed Bitcoin to set eyes on $10,000 and higher levels. The price action progressed above $10,200 before tackling $10,500 resistance. At the moment, $10,600 remains unconquered.
The technical picture is still positive despite Bitcoin being oversold. The Relative Strength Index (RSI) still holds position above 70. Retreat from this high levels will market the beginning of a correction. For now, the price is above the moving averages, which is a key bullish indicator. The Moving Average Convergence Divergence (MACD) trend shows the return of the bulls. The current bullish divergence shows that it is only a bump away from the $11,000 medium-term milestone.