Bitcoin (BTC) Price Consolidating Gains, Bulls Eyeing Fresh Increase

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is currently consolidating above the key $9,000 support area against the US Dollar.
The price is struggling to gain bullish momentum above the $9,600 and $9,720 resistance levels.
There is a connecting bearish trend line forming with resistance near $9,560 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The price must climb above $9,600 and gain pace above $9,720 to continue higher in the near term.

Bitcoin price is likely setting up for the next major break against the US Dollar. BTC remains well supported above $9,000 and it could climb higher towards $10,000.

Bitcoin Price Analysis

Recently, bitcoin price climbed towards the $10,000 resistance area against the US Dollar. However, BTC failed to continue higher and formed a high near the $9,935 level.

Later, there was a fresh decline below the $9,600 and $9,500 support levels. The price traded close to the $9,100 support area and remained well bid above the 100 hourly simple moving average. The recent low was near $9,194 and the price is currently climbing steadily.

There was a break above the 23.6% Fib retracement level of the recent decline from the $9,935 high to $9,194 swing low. At the outset, bitcoin is testing the $9,500 and $9,550 resistance levels. Additionally, there is a connecting bearish trend line forming with resistance near $9,560 on the hourly chart of the BTC/USD pair.

More importantly, the 50% Fib retracement level of the recent decline from the $9,935 high to $9,194 swing low is acting as a hurdle for the bulls. Therefore, an upside break above the $9,550 and $9,600 levels is needed for a fresh increase.

The next major resistance is near the $9,720 level, above which the price could rise steadily towards the $10,000 resistance area. If the price accelerates above $10,000, it could revisit the $10,500 zone.

Conversely, if the price fails to break the $9,550 and $9,600 resistance levels, there could be another downward move. An immediate support is near the $9,200 area. Having said that, the main support is near the $9,000 level and the 100 hourly SMA.

Looking at the chart, bitcoin seems to be consolidating nicely above the $9,000 and $9,200 levels. As long as there is no close below the 100 hourly SMA, there are chances of a fresh increase towards the $10,000 and $10,200 levels in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher and it is currently near the 50 level.

Major Support Levels – $9,200 followed by $9,000.

Major Resistance Levels – $9,550, $9,600 and $9,720.

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.
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