Bitcoin Price Analysis: BTC Sustains On $9580 After Facing Resistance Of $9700

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 finally crossed the price mark of $9600 indicating bulls are marching for $10,000.
  • However, the resistance level of $9700 brought back the price levels to $9500. 
  • Bitcoin’s current price now is at the level of $9582.00.

Capture
Source: Coinmarketcap         

On a 7day-weekly chart, Bitcoin price started with a support level of $8800. However, it gained significant positive momentum and had a closing of $9684.00 yesterday. The closing price acted as a major resistance level which indicated that BTC faces a downtrend. However, the bulls got the support level of $9580 which not only stopped the downfall but helped BTC to remain positive.

The expectation is that the bulls for BTC are for a longer duration as it is able to sustain the mark in today’s market. The current price of BTC is $9582 with a positive movement of 1.00%. The market capitalization stands at $173,331,572,752 with volume traded of $29,072,848,934. The current circulating supply is 18,368,625 BTC. The market dominance for bitcoin in the cryptomarket remains at 65.00%.

Bitcoin (BTC) Technical Analysis

Screenshot (356)
Source: Tradingview

Fib retracement levels show that bitcoin 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 bitcoin bulls. The 24hour-RSI is reaching at the bullish level of 60. OBV levels indicate that the BTC sustained its significant rise in the volume traded besides getting reversals.

Overall, If Bitcoin is able to cross the price level above $10,000 mark and with the positive movement, it will be back onto the resistance level of $10,500 which forced the price dip to $3,000 level.

Resistance levels: $9700 and $9950

Support Levels: $9500 and $9100

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