Bitcoin Is Back Over $10K, But Rally Looks Weak

Bitcoin is witnessing a minor corrective rally Friday, but the bulls may have a tough time regaining control, the technical charts suggest.

CoinDesk’s Bitcoin Price Index (BPI) fell to $9,592.96 at 01:59 UTC – the lowest level for one week. As of writing, the BPI is seen a little higher at $10,090.

It is worth noting that the global average price calculated by CoinMarketCap is holding around $200 higher, largely due to the “Kimchi premium” – that is, BTC is changing hands above $11,000 on Korean exchanges Upbit, Bithumb, and Coinone. Meanwhile, across western exchanges, the world’s largest cryptocurrency by market capitalization is trading closer to $10,000.

The cryptocurrency has depreciated by 1,86 percent in the last 24 hours, CoinMarketCapindicates.

So, it appears a relief rally has gathered pace, a move indicated by the bullish relative strength index (RSI) divergence seen on the chart (prices as per Coinbase) below….

Read Full: Bitcoin Is Back Over $10K, But Rally Looks Weak