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Bitcoin Holding Above $9,300 Has Opened the Gates for a Rally to $10,000

Cole Petersen
by Cole Petersen
4 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • For the first time in weeks, Bitcoin has been able to hold on to the gains that it captured as a result of yesterday’s upswing
  • 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.”

Bitcoin

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.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Cole Petersen

Cole Petersen

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Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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