In today’s Bitcoin price analysis, the coin surged above the $9,800 level before correcting lower. BTC is likely setting up for a break above the $10,000 and beyond.
After breaking above the $9,500 level, the price of Bitcoin (BTC) extended its upward move above the $9,700 level. Finally, the bulls pushed Bitcoin price above $9,800 and a new 2020 high was formed at $9,850.
However, at the time of writing this Bitcoin price analysis, the coin is consolidating gains above the $9,700 support area.
On the upside, if more buyers emerge, the crypto’s price will face resistance at the $9,900 level. A break above the $9,900 level could see the price surge towards $10,000. If there is a successful break above $10,000, it could initiate a strong rally to $10,400 or even $10,500 in the coming sessions.
Related: Will Bitcoin Price Spike Above $10,000 Soon? 6 Reasons To Consider
Conversely, if there is an extended downside correction below $9,700, Bitcoin price might retest the $9,500 support. Any further downsides might discourage the bulls and the price could dip towards the $9,300 support level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the price of BTCUSD is bullish and clearly trading above the $9,700 level. However, while the bulls are protecting the $9,750 level, there are short term resistances near the $9,850 and $9,880 levels. The current structure suggests that the price could rally again above the $9,900 resistance and beyond.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
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.
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