Bitcoin Price Analysis: BTC/USD rockets above $9,000 critical hurdle
|- Bitcoin bulls’ renewed strength pulls Bitcoin above $9,000.
- Bitcoin is technical and fundamentally ready to sustain its position above $9,000.
The cryptocurrency market managed to escape the ‘crypt’ the bears forced the digital assets into on Saturday. Bitcoin, taking advantage of the bullish action, scaled the hurdles to the extent of reclaiming the position above $9,000. BTC climbed to $9,184 (intraday high) on Sunday. However, the price has since adjusted to $9,136 (market value).
Meanwhile, the buyers are still focused on pushing Bitcoin higher. Besides, Bitcoin is still trading 2.55% higher on the day. Moreover, the prevailing trend is bullish while the volatility is expanding. The technical picture for the largest cryptocurrency remains positive, which further cements the bulls’ position in the market.
At the same time, Bitcoin is fundamentally prepared to hold the above $9,000. The market cap stands at $165 billion and features a 24-hour trading volume of $33 billion. However, Bitcoin’s dominance has declined to 66.4%, suggesting that the altcoins have been gaining traction impressively.
Bitcoin price technical picture
At the time of writing, Bitcoin is trading at $9,117 amid ongoing correction from the intraday high. If the bulls fail to defend the price against breaking below $9,000, more support is expected at $8,750, $8,500, $8,000 and $7,750.
The 50 SMA on the 4-hour chart, currently at $8,500 will also work to stop losses. The longer-term 100 SMA at $8,100 is in line to shield Bitcoin from testing the support at $8,000. On the other hand, the RSI's position in the overbought suggests that Bitcoin is still largely in the hands of the bulls.
BTC/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.