Bitcoin Gains New Weekly High Beyond $10,000; But is This a Momentary Illusion?

Bitcoin price after having a ferocious week, seems to be on its way to stand out again. Well, this has always been the dominion of the anchor of the crypto market. Other than BTC, we even see all the major coins and altcoins trading with green numbers and rising above the solid support areas.

Well, the question lies is;

How long will this growth sustain or is it just a passing illusion?

The answer to this question has always remained in the favor of Bitcoin and crypto lovers and loyalists. Also, many would think that Bitcoin will now be safer shelter for investment as it crosses $10,000 but never too late to know that it is all about the beliefs one has, to turn it into a safe haven.

Peter Schiff, an American stockbroker, libertarian and financial commentator justifies about something similar in one of his tweets about BTC.

As trade tensions rise and the yuan falls, Bitcoin is trading back above 10K. But don't believe the hype that this rise reflects safe haven buying, similar to gold. Bitcoin is not being bought by investors searching for safe havens, but by speculators betting that they are!

— Peter Schiff (@PeterSchiff) September 2, 2019

Needless to mention, but Bitcoin is more for speculators and less for core investors. It is all about the vigilance that one holds to trade at the most appropriate hour of the day.

BTC to USD Price Chart by TradingView:

The below Bitcoin price chart is a data feed from Coinbase as on 3rd September at 04:05 UTC.

As observed from the above 24-hour BTC/USD price chart, we see that the coin was trading well around $9700 at $9789.59 in the initial hours of the day. After having a flat trading for half a day, we see that the coin started consolidating above $9800 around 01:00 UTC. And immediately around 17:30 UTC, BTC price broke the most awaited support area letting investors to gain bountifully. Within no time Bitcoin traded at the high of $10,488.14 price mark. This exponential surge helped gain 7.13% yesterday. Today, the coin has been trading around a similar price area and is currently trading at $10,413.64, giving a new weekly high. To know more about BTC prediction, check out our forecast page.

However, in order to have the total realization of the Bull Run, price of BTC needs to have a solid crossover above $10,500 support.

Technical Indicators:

Bitcoin trades in the “buying phase”, with considerable support from the short-term moving averages.

The current trading price is 4.71% and 0.19% notably above the 5-day SMA and the 50-day SMA.

The MACD of the coin is well above zero but has a bearish crossover yet, with RSI above 50 and inclined towards the overbought region.