After breaking above the $ 9,000 level and establishing support here, Bitcoin prices are finding their way back. However, the leading digital asset needs to surpass the resistance of $ 9,500 to start another rally.
Bitcoin price bounced from $ 8,500, facing resistance above $ 9,000
Bitcoin price has managed to break out of the recent lows of $ 8,500. But holding above the support of $ 9,100 is not enough to create an uptrend. A faster upward move – when the halving is coming very close, will depend on a pump above 9,500 USD.
In March, cryptocurrency analysis showed that $ 9,500 was the key to recovering the five-digit level. After a volatile weekend, Bitcoin trading volume dropped by $ 37 billion over the past 24 hours.
Renowned Trader Josh Rager believes that Long positions can only be made temporarily, because if BTC does not break $ 9,500 decisively, more failure may come. Historically, BTC has shown $ 9,500 to be a strong resistance.
Any long trade is a short term trade until Bitcoin can break and hold above the $ 9500s
$ 9400s to $ 9500s has played a important S / R level since June 2019 – breaking above this level will be key for bullish continuation
My take profit targets start near $ 9400 pic.twitter.com/zjjXoaBrQA
– Josh Rager 📈 (@Josh_Rager) March 7, 2020
The move to an annual new high could help BTC overcome underdeveloped transactions, as the coin has yet to regain some resistance.
CryptoCred analyst also acknowledged that a move above $ 9,500 would invalidate the drop. Even below $ 9,200, Bitcoin price is also testing monthly resistance, despite transactions based on bullish expectations depending on the daily close.
Retesting monthly resistance after a weak monthly close.
We're close to bearish invalidation ($ 9500s reclaim) therefore a good area to do business.
My preferred entry would be a deep spike through yesterday's high (early sellers' stops) which closes at / below gray box. pic.twitter.com/TMVBwPfwdi
– Cred (@CryptoCred) March 6, 2020
The worst discount scenarios so far have avoided falling to $ 5,000
As of now, the price of Bitcoin has disregarded more discounted projections for falling to as low as $ 5,000. Most transactions were focused on regaining support above $ 8,000. Over the past month, BTC has become even less volatile. The volatility index drops to 2.85% after the price rises rapidly above 4% in January. Over the past weeks, Bitcoin has been in the range of a few hundred dollars, although it still shows the possibility of moving $ 1,000. in one day.
Movements to $ 9,500 can be changed, with some controversial support and resistance points. Currently BTC has stopped below $ 9,200 when it is necessary to regain some smaller major levels.
– Jan Le (@ jangirl5m) March 7, 2020
Despite the higher price dynamics, BTC was unable to repeat previous almost continuous growth periods, and remained confined to a narrow range. Currently, the price of Bitcoin is still within the long-term upward framework, but the future market must make complex moves around certain prices.
BTC's market capitalization dominance index has also dropped to 63.2%, mainly due to the hike of some major altcoins. But when the price of Bitcoin did not have a bigger move, an “altcoin season” has not yet appeared, instead limited to individual altcoin pump campaigns.
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According to Bitcoinsit
Translated by ToiYeuBitcoin