For the first time in weeks, Bitcoin has been able to hold on to the gains that it captured as a result of yesterday’s upswing
Previously, the cryptocurrency’s moves towards $9,400 have been followed by sharp retraces
It appears that BTC is growing more bullish by the day, as it is now establishing $9,300 as a fresh base of support
This has led one analyst to note that a move up towards $10,000 could be imminent in the coming days
Bitcoin appears to be stronger than many analysts previously thought it to be, as its tight trading range between $9,100 and $9,300 resolved in bull’s favor.
It is important to note that the continued defense of $9,300 following the recent move up does signal that buyers are building strength.
As such, one analyst is now noting that a continued defense of this level could open the gates for the cryptocurrency to see a move up towards $10,000 in the days and weeks ahead.
It does still face some resistance at $9,450, and bulls will have to firmly surmount this if they want to catalyze further momentum.
Bitcoin Flashes Signs of Underlying Strength After Stabilizing Above $9,300
At the time of writing, Bitcoin is trading down marginally at its current price of $9,330.
This level previously marked the upper boundary of the cryptocurrency’s tight trading range, and it now appears that bulls are trying to convert it into a base of support.
That being said, until BTC firmly surmounts $9,450, it could still be prone to seeing further downside.
While speaking about this level, one analyst explained that while a break above $9,450 would be positive, he is still closely watching for a bearish breakdown to commence if it closes beneath $9,230.
“Here we are again above the mid-range of the weekly closes between $10k and $8500. If price goes back under $9,230 on a close, I’ll start to lean more bearish as this compression can’t last much longer. Close above $9,450 = good. $9,700 = bullish. $10,000+ = semi-euphoric,” he explained.
Image Courtesy of Josh Rager. Chart via TradingView.
Analyst: BTC Likely to Push Towards $10,000 Once $9,500 is Broken
Another analyst also explained that a break above the mid-$9,000 region is important, telling his followers that “the party starts” once $9,500 is broken.
“BTC HTF Update: Looking good still, seems as though $9300 is holding as support but even if we pullback to around $9200 that’s fine and we should be looking good for another leg upwards. Really want to see if bulls have the power to break $9500 as this is where the party starts.”
Image Courtesy of Cactus. Chart via TradingView.
How BTC trends in the coming days should provide insight into the long-term significance of its latest upswing.
Featured image from Shutterstock.
Charts from TradingView.
Bitcoinist.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
