Bitcoin Price Retakes $10K But Remains Short of Bull Revival

Bitcoin is back above $10,000, but the technical charts indicate a bull revival is still $1,000 away.

AccessTimeIconJul 25, 2019 at 11:00 a.m. UTC
Updated Sep 13, 2021 at 11:14 a.m. UTC


  • Bitcoin has again charted a recovery to above $10,000, but the outlook remains bearish with the lower-highs pattern intact.
  • The recent gains may be short-lived, as the recovery seen in the last 24 hours is stuck at key resistance levels and lacks volume.
  • A UTC close above $11,120 is needed to revive the bullish view. That level could come into play if BTC clears key resistances around $10,200 on high volumes.

Bitcoin is back above $10,000, but the technical charts indicate a bull revival is still $1,000 away.

The premier cryptocurrency by market value is currently trading at $10,150 on Bitstamp, having hit a low of $9,514 yesterday. This is the third time in a month that BTC has charted a quick recovery back into five figures.

Prices bounced off the former-resistance-turned support of $9,097 on July 17 and climbed back above $10,000 the following day. Before that, BTC printed a low of $9,614 on July 2 only to close well above $10,000 the same day.

On both occasions, BTC carved out lower highs – a bearish pattern – at $11,120 and $13,200, respectively.

The latest bounce may have caught some investors off guard, as BTC was on slippery grounds 24-hours ago after breaching long-term trendline support on Tuesday.

Despite the rise, the outlook remains bearish, as the lower-highs pattern is still intact. BTC needs to rally by $1,000 and beat resistance at $11,120 to invalidate lower highs and revive the bullish view.

That said, BTC may have a tough time rising above $11,120 as key resistances are currently capping upside.

Daily and 12-hour charts


BTC is struggling to rise above the resistance of the trendline connecting the July 10 and July 20 highs, currently at $10,200 (blue line above left). The bearish (downward sloping) 5- and 10-day moving averages (MAs) are also lined up near the trendline hurdle.

Also of note, the 5- and 10-day MAs have found acceptance below the 50-day MA – the first bearish crossover since early February.

Continued low trading volumes (above right) further question the sustainability of the recovery seen in the last 24 hours.

Hence, a fall back to $9,600 cannot be ruled out, unless BTC cuts through the descending trendline on the back of high volumes.

In that case, prices could rise toward $11,120, as the 14-day RSI is already reporting a falling wedge breakout (a bullish reversal pattern).

That said, the overall outlook would turn bullish only if prices print a UTC close above $11,120. A breakout above $11,120, if confirmed, would open the doors to $13,800 (June high).

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin via Shutterstock; charts by Trading View


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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; 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.