- Bitcoin gains break $9,400 resistance for the first time in 2020.
- The tug of war between the bulls and the bears catches momentum following a dive under $9,400.
Bitcoin price has corrected higher from $9,397 (opening value) on Wednesday to $9,431 (intraday high). The bullish strength emanates from the brief surge during the American session on Tuesday. For now, Bitcoin has a market value of $9,332 following a subtle 0.50% loss on the day.
Prior to the brief rally, BTC/USD dipped to lows close to $8,200. On meeting buyers waiting to buy low, Bitcoin surged incredibly adding more than $10,000 in less than three days. The stubborn resistance at $9,200 gave the bulls are a hard time on Tuesday. However, trading above the next hurdle at $9,400 has given bulls’ confidence that there is a potential of returning above the psychological $10,000 level.
Bitcoin technical analysis
From a technical point of view, Bitcoin’s surge has subsided and the incoming sessions are likely to be dominated by correction from the highs achieved at $9,448. As observed with the Relative Strength Index (RSI), the bears are gaining traction. Besides, the RSI is pointing sharply downwards after retreating below the 70 level.
BTC/USD 1-hour chart
However, all is not lost for the bulls according to the Moving Average Convergence Divergence (MACD). The indicator is sitting comfortably in the positive region, precisely at +110 after recovery from last week’s low at -90. The MACD also features a bullish cross to show that the trend is in favor of the bulls. Therefore, if Bitcoin bulls reclaim the position above $9,400, then they could end up opening the door for more gains past $9,500.
Bitcoin Key Levels
Spot rate: $9,347
Relative change: -47
Percentage change: -0.50%
The post Bitcoin Price Analysis: BTC/USD Ballistic Breakout Zooms Past $9,400 As $10,000 Draws Nearer appeared first on Coingape.