Previously, the cryptocurrency’s moves towards $9,400 have been followed by sharp retraces
It appears that BTC is growing more bullish by the day, as it is now establishing $9,300 as a fresh base of support
This has led one analyst to note that a move up towards $10,000 could be imminent in the coming days
Bitcoin appears to be stronger than many analysts previously thought it to be, as its tight trading range between $9,100 and $9,300 resolved in bull’s favor.
It is important to note that the continued defense of $9,300 following the recent move up does signal that buyers are building strength.
As such, one analyst is now noting that a continued defense of this level could open the gates for the cryptocurrency to see a move up towards $10,000 in the days and weeks ahead.
It does still face some resistance at $9,450, and bulls will have to firmly surmount this if they want to catalyze further momentum.
Bitcoin Flashes Signs of Underlying Strength After Stabilizing Above $9,300
At the time of writing, Bitcoin is trading down marginally at its current price of $9,330.
This level previously marked the upper boundary of the cryptocurrency’s tight trading range, and it now appears that bulls are trying to convert it into a base of support.
That being said, until BTC firmly surmounts $9,450, it could still be prone to seeing further downside.
While speaking about this level, one analyst explained that while a break above $9,450 would be positive, he is still closely watching for a bearish breakdown to commence if it closes beneath $9,230.
“Here we are again above the mid-range of the weekly closes between $10k and $8500. If price goes back under $9,230 on a close, I’ll start to lean more bearish as this compression can’t last much longer. Close above $9,450 = good. $9,700 = bullish. $10,000+ = semi-euphoric,” he explained.
Image Courtesy of Josh Rager. Chart via TradingView.
Analyst: BTC Likely to Push Towards $10,000 Once $9,500 is Broken
Another analyst also explained that a break above the mid-$9,000 region is important, telling his followers that “the party starts” once $9,500 is broken.
“BTC HTF Update: Looking good still, seems as though $9300 is holding as support but even if we pullback to around $9200 that’s fine and we should be looking good for another leg upwards. Really want to see if bulls have the power to break $9500 as this is where the party starts.”
Image Courtesy of Cactus. Chart via TradingView.
How BTC trends in the coming days should provide insight into the long-term significance of its latest upswing.
Featured image from Shutterstock.
Charts from TradingView.