In today’s Bitcoin price analysis, the coin surged towards the $9,650 level before correcting lower. BTC traded close to the $9,100 level and it is currently correcting higher.
After breaking above the $9,500 level, the price of Bitcoin (BTC) extended its upward move above the $9,600 level. Finally, the bulls pushed Bitcoin price to form a new 2020 high at $9,620 before the bears gained control of the market. As a result, there was a downside correction below the $9,500, $9,400 and $9,200 support level.
However, the $9,100 level acted and still acting as a strong support. At the time of writing this Bitcoin price analysis, the coin is correcting higher and trading above the $9,200 level.
On the upside, if more buyers emerge, the crypto’s price will face resistance at the $9,300 area and the 55 simple moving average (4-hours). A break above the $9,300 level could see the price surge towards $9,600 and $9,800.
Conversely, if there is an extended downside correction below $9,200, Bitcoin price might retest the $9,100 support. Any further downsides might discourage the bulls and the price could dip towards the $9,000 support level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the price of BTCUSD is clearly trading above a couple of important supports near the $9,100 levels. It could either rally again above the $9,300 resistance or extend its downward correction towards $8,900.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy 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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