Bitcoin suffered a volatile start to the new trading month. Bearish news surrounding the crypto exchange BitMEX and President Trump contracting Covid-19 weighed heavily on the cryptocurrency market.

Bitcoin price chart analysis shows that a breakout by $10,000 to $10,900 is required to trigger a major directional.

Bitcoin medium-term price trend Bitcoin suffered another specialized setback last week, as recent negative information caused a sharp reversal from the $10,900 degree.

Prior to the pullback, implied volatility towards Bitcoin has been for its lowest levels in at least 18 months.

Bitcoin price complex analysis shows that the cryptocurrency is on the job within a triangle pattern.

Bitcoin price chart analysis

The daily time frame reveals that the triangle is located in between the $10,900 as well as $10,280 technical level.

A breakout from the triangle pattern is likely to prompt the other major directional move while in the BTC/USD pair.

Traders should remember that the $11,100, $11,400 and $11,700 levels are actually the principle upside opposition zones, although the $10,000, $9,800, as well as $9,600 aspects offer the foremost technical support.

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Bitcoin short-term price trend Bitcoin cost technical analysis shows that short term bulls stay in control when the fee trades above $10,550.

The four hour time frame plays up that a bearish head-and-shoulders pattern stays valid while the cost trades below the $11,200 degree.

Bitcoin price chart analysis

Based on the size of the head-and-shoulders pattern, the BTC/USD pair could fall towards the $9,000 subject.

Beware of the downside to accelerate if the price moves under neckline assistance, near the $9,900 degree.

It is noteworthy that a break above $11,200 will more than likely start a major counter rally.

Bitcoin specialized summary Bitcoin technical analysis spotlights that a breakout from a major triangle pattern ought to prompt the other major directional move.