BTC/USD climbs to $10,700, with BCH/USD top gainer among the top 10 with 7% to displace Binance Coin as the 6th largest cryptocurrency by market cap.
Bitcoin’s impressive recovery above $10k has continued over the past 24 hours after the benchmark cryptocurrency rose nearly 4.0% to hit highs of $10,838 on Tuesday morning. In hitting the intraday highs, BTC/USD price cleared resistance at $10,500 to bring a potential run to $11,000 into play.
This is Bitcoin’s best performance in nearly two weeks, even as it mirrors traditional markets that have posted similar bounces within the past 24 hours. The upside was also very much similar to that of Gold. On September 14, the precious metal touched highs of $1,970, adding nearly 0.4% to its price during the US trading session.
Bitcoin’s gains also reflected the action in the derivatives market where buy liquidations on BitMEX outpaced sell liquidations. Also in play appears to be the optimism around the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday.
Traders are waiting to see if the Federal Reserve continues to take a dovish approach. This, coupled with a floundering Dollar index, is likely to provide further impetus to Bitcoin’s upside.
Bitcoin technical outlook
Away from the bullish macros, BTC/USD has cooled some of the momentum and bulls are finding it hard to clear resistance at the 0.5 Fibonacci at $10,777. If the pair breaks above that immediate hurdle, a retest of the 0.382 Fibonacci level at $10,956 on the 4-hour chart could see bulls lay eyes on 0.236 Fibo at $11,176.
If the downward pressure overwhelms buyers, the first major support area is at the 0.618 Fibonacci level and the 20 EMA at $10,599 and $10,523