Bitcoin Price Analysis: BTC/USD jumps above $9,000, long-term bulls bet on record highs

  • BTC/USD broke free from a tight range with a short-term bullish bias.
  • Bitcoin proponents retain positive forecasts.

Bitcoin (BTC) broke free from a tight range limited by $8,700 on the downside and $9,000 on the upside. The first digital coin has settled at $9,170 by press time, having gained nearly 4% since the beginning of Wednesday. Bitcoin’s total market value is registered at $168 billion, which is 65.9% of the cryptocurrency market capitalization.

BTC/USD: Technical picture

On a weekly chart, BTC/USD is hovering around SMA50 (currently at $8,830). If this barrier is sustainably broken, the sell-off may be extended towards $8,600 (weekly low). The next support comes at $8,300 with daily SMA located on the approach to the above-said barrier. It separates the price from a deeper decline to a psychological $8,000, reinforced by a combination of daily SMA100 and SMA200. Also 61.8% Fibo retracement for the downside move from February 2020 high is located around. 

On the upside, a sustainable move above $9,000 has improved the technical picture. However, the bulls will also face stiff resistance at $9,300 that limited the recovery during the previous week. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,600, while the ultimate bulls’ goal is $10,000.

BTC/USD weekly chart

Long-term expectations are still positive.

Meanwhile, the hardcore Bitcoin enthusiasts point out that in the long run the first cryptocurrency will grow inevitably due to its innate deflationary features and increasing demand. A popular developer and entrepreneur Jimmy Song pointed out to the fact recently: 

Every time I see #Bitcoin price go down, it makes me think of a spring being loaded. Remember kids, in the long term, #Bitcoin has a fixed supply and increasing demand.

Similar view is shared by may other Bitcoin holders and even traditional investors like Robert Kiyosaki, the author of Rich Dad Poor Dad. The bestselling author predicted the worst financial collapse in world history and suggested buying gold, silver and Bitcoin as a hedge. 

ECONOMY dying. FED incompetent. Next BAILOUT trillions in pensions. HOPE fading. Bought more gold silver Bitcoin. GOLD @$1700. Predict $3000 in 1 year. Silver @ $17. Predict $40 in 5 years. Bitcoin @$9800. Predict $75000 in 3 years. PRAY for the BEST-PREPARE for the WORST.
 

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