3 Key Reasons Why Bitcoin Price Could Surge Above $9,500

Aayush Jindal

1 year ago

2 mins read

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Bitcoin is trading nicely above the $9,300 and $9,220 support levels against the US Dollar. BTC is likely to continue higher towards $9,500 and $9,800 as long as it is above $9,220.

Bitcoin is forming a strong support base above the $9,220 support zone.
The price is currently trading above the $9,300 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $9,370 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to grind higher considering the current technical formation above $9,300.

Bitcoin Price is Likely To Rise To $9,500

In the past 2-3 days, bitcoin price remained stable above the $9,200 and $9,220 support levels against the US Dollar. BTC seems to be forming a strong support base above the $9,220 support zone.

The recent swing low was at $9,279 before the price climbed higher. There was a break above the $9,300 and $9,350 resistance levels, plus a close above the 100 hourly simple moving average.

The bulls even pushed the price above the 50% Fib retracement level of the recent decline from the $9,416 high to $9,279 low. More importantly, there was a break above a key bearish trend line with resistance near $9,370 on the hourly chart of the BTC/USD pair.

BTC closes above 100 hourly SMA: Source: TradingView.com

Bitcoin is now trading nicely above the $9,350 level and the 100 hourly SMA. It is testing the 76.4% Fib retracement level of the recent decline from the $9,416 high to $9,279 low. It seems like it could continue to rise above the $9,400 resistance and the $9,416 high.

In the mentioned bullish case, the bulls are likely to aim a test of the main $9,500 resistance zone. A successful close above the $9,500 resistance is needed for a swift rally (as discussed in yesterday’s weekly analysis).

Therefore, a strong support base near $9,220, the recent trend line break, and a positive price action could be the top three reasons for a push towards $9,500 and $9,800 in the near term.

Can BTC Hold $9,200?

On the upside, the $9,400 and $9,500 levels are important barriers for the bulls. If bitcoin fails to continue higher, it could decline again below $9,300.

The main support is near the $9,220 and $9,200 levels, below which there is a risk of a larger decline in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $9,300 followed by $9,220.

Major Resistance Levels – $9,400, $9,500 and $9,800.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

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Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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