- 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.
BTC/USD Daily Chart
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
Summary
Article Name
Bitcoin Price Analysis: Bulls Aim Higher At $9,700 After Weekend Consolidation
Description
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.
Author
John Isige
Publisher Name
Coingape
Publisher Logo
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
