Bitcoin Price Still Has Enough in the Tank to Break $10,000

Looking at the hourly bitcoin price chart, following the breakout from the ascending triangle, we can see that BTC has made a decent recovery following the initial rejection at close to $9k.

BTC/USD is now consolidating just below the $8700 price level, meaning that a push above the breakdown level will need to take place before it can be a confirmed response by the bulls.

Supporting the idea that this may be the case, is the MAC-d crossing with its signal line suggesting that price momentum may have favored the bulls. Additionally, the sharp rejection by the RSI from the oversold region implies that the bulls may well still be in buy the dip mode.

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