Bitcoin staged a strong recovery last week after bulls managed to defend the important $8,700 support area.
Bitcoin price chart analysis shows that a break above the $10,000 level could see the cryptocurrency testing back towards its current 2020 trading high.
Bitcoin medium-term price trend
Bitcoin staged a strong recovery above the $9,000 level last week, after bulls managed to defend the cryptocurrency’s 52-week moving average, around the $8,700 level.
Bitcoin price technical analysis shows that the $10,500 resistance level remains the likely bullish target over the coming weeks.
The daily time shows that a break above the $10,500 level exposes further gains towards the $11,000 level, and possibly the $11,600 level.
Medium-term traders may await for price stabilization above the $10,000 resistance level before initiating fresh buy positions.
Bitcoin short-term price trend
Bitcoin price technical analysis shows that bulls remain in control while the price trades above the $9,300 support level.
The lower time frames show that the BTC/USD pair has moved back inside a rising price channel.
Looking at the rising price channel on the four-hour time frame, it is currently located between the $9,300 and $12,000 levels.
With this in mind, as long as price holds above the $9,300 then the BTC/USD pair has the potential to rally towards the top of the price channel.
Bitcoin technical summary
Bitcoin price chart technical analysis indicates that the cryptocurrency has a strong bullish bias while price trades above the $9,300 support level. The $10,500 level could come into focus.