update 27 October 2021

The BTC Recovery Rekindles Hope That it Will Surpass the $10k Mark

The last 24 hours saw the cryptocurrency market make a surprising recovery. As a result, BTC flat-line closed at $9,650. Bitcoin’s price surged further settling at $9,945 a few hours ago.

Following the quick two percent rise from $9.7k, BitMEX experienced a  push for the liquidation of short-side positions valued at $15 million. This push emanated from traders de-levering their positions in the last two days following Bitcoin’s stagnation.

Shifting Focus

Mexbt,  a renowned trader, avers that BTC attainment of a breakout short term ascending triangle shifts the focus on to the currency’s price around the $10,220 mark. The price denotes a 3.2 percent gain on its current price.

It’s important to note that Bitcoin hasn’t confirmed a 4-hour close over Mexbt’s ascending triangle. However, there’s every indication that it will.

BTC Inching to The Top of Its Range?

Posting on Twitter, Josh Rager drew a chart indicating that at just over $10.1K, BTC could be heading towards the top of its range. As such, should it close over that range, it could initiate advancement to new highs over $10.5k.

price change

Moreover, HornHairs holds that Bitcoin is currently experiencing a strong barrier at $9.9k mark, its weekly open. He maintained the currency could move to $10.2k and later $11k so long as the daily and weekly price holds above the $9.5k level.