Bitcoin Price Analysis: BTC Makes Astonishing Comeback From Overall Bearish Trend

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.
  • BTC/USD price has finally crossed the price mark of $9600 indicating bulls are marching for $10k.
  • Bitcoin’s current price now is at the level of $9643.28.
  • The bulls are providing the largest crypto asset positive momentum in the market which can be able to cross above $10k mark.
  • However, BTC’s bullish momentum can get reversals from the major resistance level of $9900.

Source: Coinmarketcap

On a 7day-weekly chart, Bitcoin Price (BTC) started with a support level of $9900. However, it gained significant negative momentum and had a closing of $8,900 yesterday. The closing price acted as a major support level which indicated that BTC bulls can build an uptrend. The bulls performed as expected and BTC went down to the level of $9600 in today’s market. But it looks like the fundamental gain provided by BTC halving is not going to fade away easily as BTC again gained the crucial level of $9700.  

It is expected that the bulls for Bitcoin are for a longer duration as it is able to sustain the mark in today’s market. The current price of BTC is $9643.28 with a positive movement of 6.28%. The market capitalization is $181,331,572,752 with volume traded of $56,072,848,934. The current circulating supply is 18,368,625 BTC. The market dominance for bitcoin in the crypto market remains at 67.00%.

Bitcoin (BTC) Price Analysis

Screenshot (324)
Source: Tradingview

Fib retracement levels show that Bitcoin has been able to sustain above the level of 0.382 ($9100) and further aiming to reach the level of 0.786($9800) which is a major indicator for a bullish move. The symmetric triangle was also broken positive by BTC bulls. The levels also indicate that bitcoin price might get reversals from $9950 again.

The MACD levels have reached 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  touched the overbought 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 $10k mark and with the positive movement, it will be back onto the resistance level of $10,500 which forced the price dip to $3k level

Resistance levels: $9950 and $10000

Support Levels: $9500 and $9100

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