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Bitcoin Price Analysis: BTC/USD settles above $9,000, bulls are inspired

  • BTC/USD bulls pushed the price above the critical resistance level.
  • The next important target is created by SMA50 daily.
Bitcoin Price Analysis: BTC/USD settles above $9,000, bulls are inspired
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin (BTC) moved above $9,000 to trade at $9,051 at the time of writing. The first cryptocurrency is moving with strong bullish momentum after a sustainable break above an important technical level. BTC/USD has gained over 3.5% since the beginning of Thursday and about 1% on a day-to-day basis. 

BTC/USD: Technical picture

Bitcoin has created a nice green candle on a daily chart, that took the price above the critical resistance level. The coin used $8,700 support (SMA200 daily) as a jumping-off ground to develop the upside momentum, which is now gaining traction. The next bullish barrier now comes at $9,250, which is created by a combination of SMA50 daily and 23.6% Fibo retracement for the downside move from July 2019 high to December 2019 low. Once it is out of the way, the upside is likely to gain traction with the next focus on $9,600 and, ultimately, $10,000.

On the downside, if the price slips back below $9,000, the bears will wrestle out the control over the situation very quickly. This development will serve as a major blow for the market sentiments as traders will interpret it as a sign of underlying weakness. The next important support comes at $8,700, which is followed by $8,300.

BTC/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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