binance-banner.jpg

Bitcoin Price Nearly Tops $9,000 Before Dropping to a Key Support Level


Bitcoin Price Nearly Tops $9,000 Before Dropping to a Key Support Level

Bitcoin’s 14.5% rally set an important higher high and has placed the digital asset in position to tackle the $9,000 level. On Wednesday Bitcoin (BTC) price blasted through a series of key resistance levels as traders ponied up and set their target on the $9K mark. According to data from Cointelegraph Markets and CoinMarketCap the BTC/USD pair has rallied approximately 14.5%, notching a $1,123 gain. With the block reward halving just 13 days away, bullish investors are hopeful that a push above $9,000 will lead to a pre-halving price of $10,000. Let’s take a brief look at the charts to see what Bitcoin is up to.

Today’s $1,123 surge allowed Bitcoin price to clear a number of crucial levels of concern. Among them were the: resistance at $8,000, the 61.% Fibonacci retracement, the 100 and 200-day moving average and expected resistance at $8,500. The move above $8,000 was much needed as the yearly pivot was cleared at $8,100 and the surge above $8,500 will have some traders convinced that Bitcoin’s market structure has shifted and the trend is now bullish. Read More...