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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin (BTC) Price Breaks $9k: Next Possible Target $10K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • There were sharp gains in bitcoin price above the $8,000 resistance area against the US Dollar.
  • The price rallied above the $8,500 and $8,800 resistance levels to move into a positive zone.
  • There is a major bullish trend line forming with support near $8,650 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently trading above the $9,000 level and it could continue higher towards the $10,000 level.

Bitcoin price is gaining bullish momentum above $9,000 against the US Dollar. BTC is likely to accelerate higher and it could even break the $10,000 level in the near term.

Bitcoin Price Weekly Analysis (BTC)

This past week, bitcoin price found a strong support near the $7,500 level against the US Dollar. As a result, the BTC/USD pair started a strong upward move above the $8,000 and $8,500 resistance levels. The price even settled above the $8,500 resistance and the 100 simple moving average (4-hours). Moreover, there was a clear break above the $8,800 resistance area.

Finally, the price spiked above the $9,000 level and it is currently trading with a strong bullish bias. On the downside, an initial support is near the $9,000 level. The next support is near the $8,800 and $8,780 levels. It represents the 23.6% Fib retracement level of the last wave from the $8,020 low to $9,027 high. Moreover, there is a major bullish trend line forming with support near $8,650 on the 4-hours chart of the BTC/USD pair.

If there is a downside break below the trend line, the price could test $8,500. The 50% Fib retracement level of the last wave from the $8,020 low to $9,027 high is also near the $8,520 level. On the upside, an immediate resistance is near the $9,080 and $9,100 levels. If there is an upside break above $9,100, the price could surge further higher in the coming sessions.

The next target for the bulls could be near the $9,500 level. However, there are high chances of more gains and the price might even rally towards the $10,000 level in the near term.

Bitcoin Price Weekly Analysis (BTC)

Looking at the chart, bitcoin price seems to be trading with a strong bullish momentum above $8,500 and $8,800. Therefore, there are high chances of more upsides above the $9,100 and $9,500 levels. On the downside, the $8,800 and $8,500 levels are likely to act as major supports for the bulls.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the overbought zone, with no bearish sign.

Major Support Level – $8,500

Major Resistance Level – $9,500

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Aayush Jindal
Aayush Jindal

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.

Read more

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.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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