Bitcoin price is looking to regain the key psychological level at $9400, which may now drive BTC price to $9500. Today, the Bitcoin price has increased by almost 2.26%. Many traders have been talking about the correction targets of $8,600 and $ 7,800, respectively, and the bull target of $1300 for months. The question is: Will BTC price continue to rise? Bitcoin is displaying strength, but other cryptocurrencies like ETH and Bitcoin Cash are also showing strength with rise of 2.34% and 2.40% respectively.
Bitcoin is facing $9400 resistance as a crucial level to break?
From the opening price of $9,162.43, Bitcoin has touched an intraday high of $9,397 at the time of writing. Although the price has since secured the price $9,393, the chances of profits could be high particularly with the whole market trending upwards. If the Bitcoin price manages to touch the $10,000 mark in the coming days, then it may reach the $13,000mark, where the next important resistance is waiting for Bitcoin.
It is possible that Bitcoin price can touch $10,000 within the next few days. Yes, it can but there is a 50-50 chance because trading is a game of probabilities and one should have prior understanding when it comes to price formation and price movement. The ongoing Bitcoin price trend is sideways so the price is either steady or only making high and lows. The current pandemic could be one of the reasons why price is going sideways. There is a resistance at $10,000 but if the price manages to break it, then only one can say that the sideways is officially ended.
Bitcoin Price Analysis: 50-Day SMA is Crucial?
From the past few months the Bitcoin price is hovering around 9500$ level mark or near this range only. Sometimes it grows or falls but overall it is above 9k range only. If you closely observe then you will find that it hasn’t surpassed or even touched $10000. So, $10,000 is the level which it wants to touch and get stable so that it can discover the upward drive.
Meanwhile, Bitcoin’s next upside is capped by the 50-day SMA. The seller gridlock at this zone appears to be high-priced but if BTC’s technical chart remains sound, then the price may touch $9500 soon.
The RSI is showing the active bullish hold with its upward tilted movement. The gap between the 50 SMA and the 100 SMA implies that bulls may play a key role for a while. In the event a withdrawal gets into action and Bitcoin begins to lose territory, support is anticipated at $9,300, $9,250 and $9,100.
Technical support levels are changing according to various interpretation but you will find that bitcoin price is stable from past few months. So, one can say that there are less possibilities for the price to fall drastically out of any sudden confusion like how market responded to covid 19’s initial stage.