Bitcoin Price Analysis: BTC Price Crosses $8900 After Reaching The Support Level Of $8600

  • BTC/USD price has finally crossed the price mark of $8900 indicating bulls are marching for $9k again. 
  • Bitcoin’s current price now is at the level of $8920.
  • The bulls are providing the largest crypto asset positive momentum in the market which can be able to cross above $9k mark. 
  • However, BTC’s bullish momentum is getting reversals from the major resistance level of $8950.

Source: Coinmarketcap

On a 7day-weekly chart, Bitcoin Bulls started with a support level of $8700. However, it gained significant positive momentum and had a closing of $9500 on April 30th, 2020. The closing price acted as a major resistance level which indicated that BTC can face severe downtrend. The bears performed as expected and BTC went down to the level of $8500 again the next day.

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It is expected that the bulls for crypto king are for a longer duration as it is able to sustain the mark in today’s market. The current price of BTC is $8921.31 with a positive movement of 1.35%. The market capitalization is $163,331,572,752 with volume traded of $44,072,848,934. The current circulating supply is 18,363,625 BTC. The market dominance for BTC in the cryptomarket remains at 66.0%.

Bitcoin Price Analysis

Screenshot (296)
Source: Tradingview

The MACD levels have sustained a bullish zone, which is a positive sign for  Bitcoin bulls. The 24hour-RSI is reaching at the bullish level of 60. The 24hour-CCI nearly touched the overbought region but had negative divergence to the oversold region which indicates that bulls are not able to maintain sustainability over the price level

Overall, If Bitcoin is able to cross the price level above $9k mark and with the positive movement, the bulls will again face major resistance levels of $9200 and $9500 respectively. It is yet to see how bitcoin halving will impact BTC price.

Resistance levels: $9200 and $9500

Support Levels: $8600

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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