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Falling Dominoes? $10,000 Bitcoin Price Now Looks Inevitable

Already over $10,000 in Asian markets, bitcoin looks set to pass the notable milestone across global exchanges very soon.

By Omkar Godbole
AccessTimeIconNov 28, 2017 at 12:40 p.m. UTC
Updated Sep 14, 2021 at 1:55 p.m. UTC
Dominoes

Never say never, but bitcoin looks set to topple the $10,000 mark across global exchanges today.

While BTC is yet to pass the notable milestone on western exchanges, trading in Asia has already seen the cryptocurrency hit as high as $10,086 today on data source CoinMarketCap.

Bitcoin first started peeping above the psychological hurdle on several South Korea-based cryptocurrency exchanges last night.

As per CoinDesk's Bitcoin Price Index, however, the cryptocurrency is still trading at $9,917 levels.

That said, the chart analysis shows the dominos are falling, and bitcoin is set to pass the historical price point sooner rather than later.

4-hour chart

coindesk_default_image.png

The above chart shows:

  • A minor drop to $9,500 levels yesterday was quickly undone as the cryptocurrency found takers around the upward sloping 50-MA (moving average).
  • The 50-MA, 100-MA and 200-MA favor further upside in prices (sloping upwards).
  • More importantly, the rising trendline (drawn from Nov. 12 low and Nov. 24 low) is intact. The trendline is seen offering support today $8,800 levels.
  • Potential bearish price RSI divergence: The RSI would form lower highs if the current 4-hour candle closes below the 4-hour 50-MA level of $8,625. That would confirm a bearish divergence

View

Bitcoin has potential to extend gains to $10,400 levels, as suggested by the bull flag breakout earlier this month.

The slight cause of concern would be confirmation of the bearish-price RSI divergence. In such a case, the cryptocurrency could witness a deeper pullback to $9,000 levels. However, that may not necessarily yield a trend reversal for two reasons:

  • In the past, bitcoin has made major tops following the confirmation of the bearish price RSI divergence on the daily chart. A 4-hour bearish divergence is unlikely to yield anything more than a minor pullback.
  • The outlook remains bullish as long as the rising trend line is intact. Only a break below the trendline support would signal a near-term bullish-to-bearish trend change.

Dominoes image via Shutterstock

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.