Bitcoin price analysis shows that the coin is currently correcting higher from the $9,500 support level. Minor recovery from the intraday support stalls short of $9,800.
Bitcoin Price Medium-term Trend
Last week, the price of Bitcoin (BTC) continued to struggle near the $10,000 following an impressive recovery. The weekend trading saw Bitcoin price struggling to break the resistance at $10,000. However, the trading session on Monday resulted in losses with Bitcoin nose diving to lows close to $9,500.
However, at the time of writing this Bitcoin price analysis, BTC is recovering above the $9,700 level.
On the upside, if more buyers emerge, the crypto’s price will rise towards the $9,800 and $10,000 level. A break above the $10,000 level could see the price surge towards $10,300 and $10,500.
On the downside, if, Bitcoin price fails to continue above the $9700 support, Bitcoin price could revisit the $9,500 and $9,300 level. If the bears are able to clear the $9,300 support, the next stop for them may perhaps be near the $9,000 level.
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, the price of the BTCUSD price is currently recovering. However, the pair is facing hurdles near the $9,825 levels. Therefore, a clear break above the $9,825 resistance could set the pace for a larger upward move in the short term. The next major resistance is near $10,020, above which the price is likely to aim a break above the $10,300 swing high.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $9,800, $10,000, $10,300
- Support levels: $9,600, $9,300, $9,000
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.