In today’s Bitcoin price analysis, BTC dropped slightly below $9,200 after it traded to a new yearly high at $9,570. Will the bulls reverse and surge higher towards $10,000.
Yesterday, January 30, the price of Bitcoin (BTC) was trading in a bullish trend zone. After the bulls broke above the $9,000 resistance on January 28, Bitcoin price has been consolidating mostly inside the range of $9300 – $9400.
Yesterday, the price recovered nicely above the $9,500 level to form a new yearly high at $9570. However, the bulls failed to continue the uptrend and the price started correcting lower. The price of Bitcoin retraced from levels above $9,500 and $9,400 and dropped slightly below $9,200. At the time of writing this Bitcoin price analysis, the coin is changing hands at the $,9,240 level.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $9,400 and $9,500 levels. A break above the $9,500 level could see the price surge towards $10,000. Conversely, if there is an extended downside correction, Bitcoin price might test the $9,000 support. Any further downsides might discourage the bulls and the price could dip towards the $8,500 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 in a bullish trend. However, some signs suggest that BTCUSD price might need to visit lower areas in the short-term before resuming the uptrend. In the likely event of a correction below $9,200, then the first level of support is $9150. Down below lies the $9000 benchmark. Further down lies the $8,850 support level.
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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