TRENDING:
Fed Minutes
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

Bitcoin Market Update: BTC/USD rockets to $9,400 as volatility mounts

  • Bitcoin breaks above a falling triangle resistance propelling the price towards $9,400.
  • Volatility returns to the crypto market led by BTC/USD bullish action from $9,162 to $9,368 on the day.
Bitcoin Market Update: BTC/USD rockets to $9,400 as volatility mounts
John IsigeJohn IsigeFXStreet

Following weeks of no action in all Bitcoin markets, the largest cryptocurrency is finally on an upward roll. From the opening value of $9,162, BTC has hit an intraday high of $9,368. Although the price has since adjusted $9,340, the potential for gains is still high especially with the entire market trending upwards.

Looking at the daily BTC/USD pair chart, the price has broken above a key falling triangle pattern. As discussed on Monday, a breakout above this triangle would most-likely catapult Bitcoin above $9,500.

Meanwhile, Bitcoin’s immediate upside is capped by the 50-day SMA. The seller congestion at this zone seems to be high but if Bitcoin’s technical picture remains intact, it would only be a matter of time before the price steps past $9,500.

The RSI highlights the strong bullish grip with its upward sloping motion. The narrowing gap between the 50 SMA and the 100 SMA suggests that bulls will remain in the driver’s seat for a while. In the event a reversal comes into play and Bitcoin starts to lose ground, support is expected at $9,300, $9,250 and $9,100.

BTC/USD daily chart

BTC/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Ripple tumbles as sell-side pressure intensifies

Ripple tumbles as sell-side pressure intensifies

Ripple edges lower and trades at $1.45 on Wednesday, as headwinds intensify across the crypto market. Major crypto assets remain in bearish hands, with Bitcoin falling below $84,000 and Ethereum below $2,800.

Crypto Today: Bitcoin, Ethereum and XRP fall liquidating $550M

Crypto Today: Bitcoin, Ethereum and XRP fall liquidating $550M

Bitcoin’s correction follows a recent rejection due to supply around $87,200. Altcoins are generally in a correction trend, as Ethereum edges lower toward the next key support at $2,600 and Ripple extends its down leg near the $1.45 demand area.

Polygon extends decline as shutdown rumors fuel panic selling

Polygon extends decline as shutdown rumors fuel panic selling

Polygon is down nearly 5% on Wednesday, amid selling pressure linked to rumors of a network shutdown sparked by a social media post. Derivatives data shows a sell-side dominance as Open Interest declines 13% over the last 24 hours while funding rates flip negative.

Pi Network Price Forecast: Steady decline risks a lower leg below $0.080

Pi Network Price Forecast: Steady decline risks a lower leg below $0.080

Pi Network (PI) continues to extend a bearish phase over the last seven days, risking a breakout below the $0.0800 round figure. The social chatter surrounding the PI token is on the rise, likely driven by investors’ fear.

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin: Is BTC setting up for an Uptober rally?

Bitcoin (BTC) extends its gains, trading near $86,000 at the time of writing on Friday after closing September 6.33% up, reversing its seasonal weakness. Historical data suggest October could be a strong month for BTC, especially after a positive September.