Bitcoin market overview: BTC/USD climbs above $9,300 hinting possible gains

  • Bitcoin extends gains above $9,300 ignoring the consolidation and low trading activity across the market.
  • Bitcoin will most likely form a higher support pattern and sustain the minor gains above $9,300.

Bitcoin recent declines following the second attempt at breaking above $9,400 tested the short-term support at $9,200. In the process, a bullish flag pattern formed on Thursday. A breakout from the pattern is pushing the broken uptrend in continuation. BTC/USD has stepped above $9,300 and is currently trading at $9,316 representing a 0.5% rise in value on the day.

Looking at the technical levels, Bitcoin recovery will be shallow. Besides, correction to $9,400 remains unlikely as the Relative Strength Index (RSI) retreats from the overbought due to exhausted bulls. However, Bitcoin will most likely form a higher support pattern and sustain the trend above $9,300.

On the downside, the 50 Simple Moving Average (SMA) will offer support at $9,289. The resistance turn support at $9,250 will come in handy to halt declines. Traders need to stay alert as declines under $9,200 are likely to test the next support at $9,050. The primary support for BTC/USD in short-term is $98,950.

BTC/USD 15-mins 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BTC/USD revives the uptrend – Steps above $9,500

BTC/USD trading pair appears to have found support above $9,000. A rebound from the support has pulled above $9,500 amid a building bullish momentum across the market. 

More Bitcoin News

Ripple price analysis: XRP/USD defends falling wedge support; breakout still lingers

Ripple continued to press against key support areas yesterday. The downside momentum was augmented by the broad-based selling pressure in the market. As discussed yesterday, the upside was capped at $0.32 while XRP/USD sustained above $0.30. 

More Ripple News

Litecoin price analysis: LTC/USD breaks trendline resistance

Litecoin has is reacting in the same way as other cryptos in the wake of the acute losses recorded yesterday. LTC/USD extended the losses below $100 which further squeeze through the next target. 

More Litecoin News

Bitcoin Cash market update: BCH/USD edges its way towards $300

Bitcoin Cash is revamping the uptrend after falling victim to selling pressure for the second time in the same week. The initial drop towards the end of the last week culminated in a dive under $300 on Monday this week. 

More Bitcoin Cash News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast