HomeBitcoin NewsBitcoin Price Analysis: BTC Could Resume Uptrend If It Clears $9,600

Bitcoin Price Analysis: BTC Could Resume Uptrend If It Clears $9,600

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  • Bitcoin price declined sharply below the $9,330 and $9,060 support levels against the US Dollar.
  • It traded as low as $8,897 and it is currently correcting higher above $9,330.
  • There is a major bearish trend line forming with resistance near $9,600 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could either rally above the $9,600 resistance or start a fresh decline below $9,330.

Bitcoin price is currently recovering higher above $9,330 and $9,450 against the US Dollar. However, BTC must break the $9,600 resistance level to start a fresh rally in the near term.

Bitcoin Price Analysis

After facing hurdles near the $10,000 level, bitcoin price started a fresh decline against the US Dollar. BTC broke the key $9,330 support level and the 55 simple moving average (4-hours) to start the decline.

It broke many supports and even dived below the $9,060 pivot level. Finally, it found support near the $8,900 level and a low is formed near $8,897. The price started a strong recovery wave from the $8,897 low and climbed back above the $9,330 resistance zone.

The upward move was such that the price even broke the 50% Fib retracement level of the main decline from the $10,022 high to $8,897 low. However, the price is now facing a major resistance near the $9,580 and $9,600 levels.

It seems like there 61.8% Fib retracement level of the main decline from the $10,022 high to $8,897 low is acting as a strong resistance. There is also a major bearish trend line forming with resistance near $9,600 on the 4-hours chart of the BTC/USD pair.

An immediate resistance is near the $9,520 level and the 55 simple moving average (4-hours). Therefore, the price is clearly facing a lot of hurdles near the $9,600 level. A successful break and close above the $9,600 level could start a strong increase in the coming sessions.

Conversely, there is a risk of a bearish reaction below the $9,400 and $9,300 support levels. If there is a close below $9,300, the price may perhaps test the $9,060 support or the $9,000 handle.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly facing a huge hurdle near $9,600. It could either rally above the $9,600 resistance or start a fresh decline below $9,330.

Technical indicators

4 hours MACD – The MACD is now losing pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is currently just above the 50 level.

Key Support Levels – $9,330 and $9,060.

Key Resistance Levels – $9,580, $9,600 and $9,880.

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Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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