On a 7day-weekly chart, Bitcoin started with a support level of $8700. Gradually, it gained positive momentum and had a closing of $8,800 on March 4th, 2020. The closing price indicated that BTC will attempt to cross the critical resistance of $9k. The bulls performed as expected and in yesterday’s market, BTC was successful in crossing $9k mark.
It is expected that the bulls for BTC are for a longer duration as it can sustain the mark in today’s market. The current price of BTC is $9,111.25 with a positive movement of 2.00%. The market capitalization is $166,331,572,752 with volume traded of $40,072,848,934. The current circulating supply is 18,255,625 BTC. The market dominance for BTC in the crypto market remains at 63.95%.
The fib retracement level is also showing bullish signals for BTC as it has reached a level of 0.5. A positive movement to the level of 0.756 will ensure that the bullish movement will sustain for the crypto assets.
However, OBV shows that there has been a halt in the volume trade for BTC but the price movement has reacted opposite. An increase in buying volume in OBV will ensure that BTC makes significant positive movement in the market and avoid price consolidation before reaching $9,500 level.
The MACD levels are reaching the bullish zone, which is a positive sign for BTC bulls. The 24hour-RSI is at the neutral level of 50. However, RSI is showing down-trending signs and may touch the level of 40. The 24hour-CCI nearly touched the overbought region but had negative divergence to remain in the normal region.
Overall, If Bitcoin can sustain the price level above $9k mark and with the positive movement it can cross another crucial level of $9500, we can see the largest cryptocurrency in the world to cross again the major level of $10K.
