Bitcoin Smashes Heavy Uptrend Resistance as Bulls Take Over Crypto Market

Bitcoin gained about 2% and broke the USD 9,500 resistance against the US dollar. BTC is currently consolidating its gains and indicators suggest high chances of more gains above $ 9,600.

  • Bitcoin is close to 2%, surpassing the key USD 9,500 resistance level.
  • The price has traded to a new monthly high of $ 9,568 and is above the 100-hour moving average.
  • A large bullish trend line is forming with support of nearly $ 9,420 on the hourly chart of the BTC / USD pair (Kraken’s data feed).
  • The pair could correct lower in the near term, but the bulls are likely to protect USD 9,450 or USD 9,400.

Bitcoin price breaks $ 9,500

In the past two days, there was a positive price action in bitcoin above $ 9,200 against the US dollar. BTC started to rise steadily, breaking the USD 9,300 and USD 9,500 resistance levels.

The price even peaked above the USD 9,550 resistance and fell well above the 100-hour moving average. It traded to a new monthly high of $ 9,568. Bitcoin is currently consolidating gains above the USD 9,500 level.

Initial support is near the USD 9,500 level, as it is close to the 23.6% Fib retracement level from the recent rise in the USD 9,284 swing low to USD 9,568 high. The first major support is near the USD 9,450 level, below which the price could extend the decline.

There is also a large bullish trend line with support of nearly $ 9,420 on the hourly chart of the BTC / USD pair. The trend line coincides with the recent breakout zone and the 50% Fib retracement level from the recent rise in the $ 9,284 swing low to $ 9,568 high.

Bitcoin price smashes $9,500: Source: TradingView.com

On the upside, the bulls should gain strength above the USD 9,550 and USD 9,580 levels. If successful, the price is likely to accelerate towards $ 9,800 in the near term. Any further winnings could lead the prize to the $ 10,000 mark.

Uptrend Intact in BTC

If bitcoin corrects lower, the bulls are likely to protect USD 9,450 or USD 9,400. A downward break below the trendline support may require an extended drop to $ 9,360.

The next big support is near the USD 9,300 level, followed by the 100-hour moving average. Any further losses may push the price back to the USD 9,000 support.

Technical indicators:

Hourly MACD – The MACD is currently moving well in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well above the 70 level.

Major support levels – $ 9,450 followed by $ 9,400.

Large resistance levels – $ 9,550, $ 9,580, and $ 9,650.

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