Bitcoin Bulls Aim Higher At $9,700 After Weekend Consolidation
- Bitcoin smashed past the resistance at $9,600 over the weekend but remained majorly range bound.
- Bitcoin prevailing sideways trading is likely to last longer based on technical levels.
Bitcoin price for the first time since November hit highs above $9,600 during the just-concluded weekend session. However, the weekend session was also dominated by consolidation mainly between 9,600 and $9,200. There were attempts to rise towards the resistance at $9,700, however, increased selling pressure contained the gains in the range.
The consolidation still being experienced is also allowing the bulls to nurture a breakout. As long the price stays above the accelerated trendline (dotted), Bitcoin will have the potential to jump to new 2020 highs.
Meanwhile, Bitcoin is trading at $9,374, which is slightly in the positive with a growth of 0.51%. The existing trend is bearish while volatility levels remain low.
Bitcoin Price Technical Picture
From a technical perspective, Bitcoin bulls are generally in control especially with the 50-day MA sustaining the position above the 200-day MA. Similarly, the Moving Average Convergence Divergence (MACD) sideways movement at +340 suggests that Bitcoin’s range-bound movement will last longer. Besides, the minor bullish cross hints that the bulls are slightly in control.
Bitcoin bulls need to nurture and grow a breakout above $9,600 for them to open the door towards $10,000. However, it is likely that the price will hit a hurdle around $9,700. A move that could be followed by another slump to retest $9,200 before embarking on the journey to $10,000.
Bitcoin Key Levels
Spot rate: $9,374
Relative change: 47
Percentage change: 0.51%
MACD: Ranging within the positive region; hints continued sideways trading
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