Bitcoin jumped above the $10,000 mark again yesterday. It was shortly after the Federal Reserve announcement of keeping the interest rates close to zero.

BTCUSD did it again. It made an insane jump past the $10,000 mark yesterday. Unlike its previous rise on June 1, there was nothing unusual about this spike.

The traded volumes of BTCUSD increased dramatically. It pushed the Bitcoin price up. The technical indicators gave a strong signal before the breakout happened.

BTCUSD snaps out of a Bearish territory

Bitcoin’s phenomenal jump made it step out of impending Bearish domination. It is now above the dynamic support of the Exponential Moving Average.

BTCUSD Hourly Chart

The hourly chart shows that BTCUSD moved along the upper band of the Bollinger Bands after touching the $10k mark. The sellers then pulled it lower. Bitcoin is now trading around $9,800. 

Although BTCUSD is on a decline, its downside risk seems limited so far. Sellers will try to book profits, and that will pull down Bitcoin. However, not that the buyers feel Bitcoin could, they would also be interested in buying BTCUSD.

Check BTCUSD Chart on TradingView.

Technical analysis and price movement of BTCUSD 

As soon as BTCUSD started rising, the RSI shot past the 80-mark on the 20,80 scale. It suggests Bitcoin entered a highly overbought zone.

However, RSI has taken a sharp dip now. And this was not surprising. Sharp upswings are generally succeeded by sell-offs. These are the people who purchased Bitcoin during the peaks. And this is an emotion-driven selling session.

On the hourly chart, MACD has taken a downward crossover. BTCUSD could go further down before gaining some support. $9,700 is a dynamic support zone. The next support levels are at $9277 and $9100.

Is it a good time to buy BTCUSD?

The prudent investor doesn’t buy when everyone else is buying. She buys during a dip. Bitcoin would turn attractive for investments shortly. People should wait for the RSI to fall even lower. Once it touches or goes below the 20-mark, which is an oversold territory, it can turn out to be an attractive investment option.