Bitcoin market overview: BTC/USD consolidation begins in the wake of June’s biggest surge
|- Bitcoin heeds to analysts’ call as it surged above $9,000 to new 2019 highs around $9,392.
- Technical levels point towards the consolidation of gains between $9,100 and $9,300.
Bitcoin forms a new 2019 high in June following incredible movement north on Sunday. Prior, to the gains over the weekend, BTC/USD closed the trading on Friday above the support at $8,100 but the upside had been limited under $8,400.
As covered by FXStreet, Bitcoin respected the prediction by a Fundstrat analyst who told Bloomberg that Bitcoin was still in bullish phase adding that a break above $8,400 could eventually take Bitcoin above $9,000 and even extend the gains to $9,800- $10,000. While Bitcoin broke above $9,000, $10,000 is still quite far and could depend on whether Bitcoin can break above the resistance at $9,400.
Meanwhile, Bitcoin is trading at $9,173 following a retracement from the new high at $9,392. The correction from the high dipped under $9,000 but the losses were cushioned by the 50% Fibonacci retracement level taken from the last drop at $9,392 to a low of $8,178. A reversal from the support has stalled under $9,300 with Bitcoin starting to range between $9,300 and $9,100.
On the upside, $9,300 is the immediate resistance. The next hurdle lies at $9,400 and $9,500. A break above the trendline resistance this region of seller congestion is likely to pave the way for a new surge towards $9,800 - $10,000.
On the downside, initial support is seen at $9,100 with $9,000 (50 Simple Moving Average 1-h) positioned to cushion the price during losses. Other key levels to look out for include the 50% Fibo, $8,800, $8,600 and $8,000.
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