BTC/USD Rally Pre-Halving Hits $10K But Why Going Back to $9K Soon?

Bitcoin price surged to a high above $10,000 for the first time since February. The impressive jump came after a sustained break above $9,500. In just two candles, the bulls have breached the $10,000 zone.

A fresh May high has already been reached at $10,087 but BTC/USD said goodbye to levels above $10,000 as soon as it reached there. At the time of writing, Bitcoin is trading at $9,912 amid a bearish trend supported by sellers’ desire for revenge.

Bitcoin is almost Halving

Bitcoin is set to undergo a mining reward cut by half. This event takes place every four years and sees the mining rewards awarded to miners cut in half.

This year’s halving will last in just three days and border investors will want to be ready for a piece of cake after halving as the impact is expected to culminate in a price rally. The $10,000 spike during Asian hours on Friday could be attributed to the pre-halving volatility created by the increased network activity.

Bitcoin Price Technical Overview

The technical picture of BTC/USD turned bearish as soon as it hit highs slightly above $10,000. The RSI is also retreating from overbought and signaling a developing bearish trend.

Volume has been dropping as investors wait for Bitcoin to confirm its last $10,000 break. However, if the support at $9,800 fails to hold, Bitcoin could dive lower to test $9,000. The range between $9,000 and $8,500 has a higher concentration of buyers and if tested, Bitcoin could bounce back too. Key support remains at $8,400.

Spot rate: $9,912

Relative change: -95

Percentage change: -0.95%

Trend: Bearish

Volatility: Low

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