Bitcoin (BTC/USD) appreciated early in today’s Asian session as the pair traded as high as the 10304.49 level after having traded as high as the 10400.00 level during yesterday’s North American session, a fresh multi-month high. The move yesterday was a reversal of the recent move back below the psychologically-important 10000 figure and tested technical support around the 9736.00 area, just below the 9740.35 area that represents an upside price objective related to buying pressure that emerged weeks ago around the 6854.67 area. Stops were elected above some key technical levels during the move higher, including the 10215.41, 10239.21, 10313.70, 10366.79, and 10397.09 areas. Chartists are closely monitoring the convergence of the 50-bar MA (hourly) and 100-bar MA (hourly).
The 10397.09 area was just below the pair’s 10400.00 high, and its technical significance relates to buying pressure that emerged around the 8880.87 area during its recent move higher. The next upside retracement level related to the buying activity around the 8880.87 area is the 11622.52 area. If BTC/USD continues its upward trajectory, upside price objectives include the 10421.37, 10447.47, 10472.26, 10513.53, and 10615.81 levels. Below current market activity, traders anticipate some demand around the 10060.54, 9983.33, 9740.35, 9629.35, and 9462.00 areas.