Bitcoin price analysis shows that the bulls are trying to push BTC above $9,000. The bears, on the other hand, are waiting to repel such a move.
Bitcoin Price Medium-term Trend
After finding support at the $8,400 level, the price of Bitcoin has recovered. Yesterday, BTC bulls pushed the price above $8,600 and 8,800 level. Bitcoin price recovery almost tested $9,000 level as a high was formed at $8,970.
At the time of writing this Bitcoin price analysis, BTC is trading near $8,800 amid a building bullish momentum that is likely to attract immense buying entries that could see the market make a comeback above the critical $9,000 level.
On the upside, if more buyers emerge, the crypto’s price will rise towards the $9,000 resistance level. A break above the $9,000 level could see the price surge towards $9,300 and $9,500. On the downside, if the price fails to break above the $8,800 level, the market is likely to fall to retest the support at $8,400 or $8,000.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BTCUSD Price Short-term Trend
On the 1-hour chart, BTCUSD price is currently recovering after a decline to $8400. However, the pair is facing hurdles near the $8,700 level. Therefore, a clear break above the $8,800 resistance could set the pace for an upward move to $8,900 in the short term. The next major resistance is near $9,000, above which the price is likely to aim a break above the $9,200.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $8,800, $9,000, $9,500
- Support levels: $8,700, $8,400, $8,000
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.