Bitcoin Price Analysis: BTC Breaks $9.4k Level With 3.00% Gain Upfront.

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 $9400 indicating bulls are marching for $10k. 
  • Bitcoin (BTC) price now is at the level of $9449.80.
  • 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 $9500 and $9900.

Capture
 Source: Coinmarketcap       

On a 7day-weekly chart, Bitcoin (BTC) price started with a support level of $9000. However, it gained significant negative momentum and had a closing of $8,800 yesterday. The closing price acted as a major support level which indicated that BTC can build an uptrend. The bulls performed as expected and BTC price went up to the level of $9400 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 can gain the crucial level of $9500.  

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 $9449.80 with a positive movement of 3.00%. The market capitalization is $173,331,572,752 with volume traded of $33,072,848,934. The current circulating supply is 18,368,625 BTC. The market dominance for BTC in the crypto market remains at 66.20%.

Bitcoin (BTC) Price Analysis

Screenshot (348)
Source: Tradingview

Fib retracement levels show that Bitcoin (BTC) price has been able to sustain above the level of 0.789 ($8900) and further aiming to reach the level of 1.0 ($9800) which is a major indicator for a bullish move. The levels also indicate that BTC might get reversals from $9950 again.

The MACD levels have reached a bullish zone, which is a positive sign for BTC bulls. The 24hour-RSI is reaching at the bullish level of 60. OBV levels indicate that BTC can maintain sustainability on its trading volume with a significant rise.

Overall, If Bitcoin can 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: $9100 and $8900

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