Bitcoin price analysis for today shows that the top cryptocurrency needs to break above $9,300 to bring $9,500 into play.
At press time, BTC/USD is trading just above $9,120. The world’s first cryptocurrency is looking for the momentum that should push it above the most recent highs of $9,172.
But resistance is strong, with Bitcoin having traded sideways for the better part of the past two weeks.
An upwards that materialized Thursday however pushed prices above a key resistance level, with BTC/USD jumping over 4 percent since Thursday 0:00 UTC.
The likelihood of a more sustained uptrend comes only after BTC breached the $8,600-$8,800 range it had fallen into since February 26. But, bulls pushed prices past Bitcoin’s 50-day moving average. Key support at the SMA200 on the daily charts then pushed prices above $9,000.
However, despite the notable gains, BTC/USD is struggling and faces strong resistance at $9,300. Data from Coin360 shows that Bitcoin has traded between $9,000 and $9,200, finding it tough to break higher.
At press time, Bitcoin (BTC) is trading at $9,123, just 1.1 percent up on its price in the past 24 hours. The leading cryptocurrency, often regarded as a safe-haven asset, has touched an intra-day high of $9,152 and an intra-day low of $9,011.
Bitcoin needs to breach a key price level
A further look at Bitcoin price analysis shows that BTC needs to breach its price barrier at SMA50. That would take it above the next critical resistance level at $9,300. According to one technical analyst, Bitcoin must surpass this price level for it to sustain its upside.
BitBull Capital’s Joe DiPasquale told Forbes that Bitcoin needs to breach and re-test $9,300. If this happens, BTC/USD will open up momentum “to tackle $9,500.” Further upsides should see it hit “$9,800 and then $10,000.”
The publication also quotes another analyst as saying that the next barrier is significant. The analyst cites the Ichimoku Cloud saying that the top cryptocurrency “did not fully turn bearish” during its most recent pullback.
As such, Bitcoin faces strong resistance at $9,300 and $9,500 as shown by the upper band of the Ichimoku cloud.
Bitcoin needs to hold and then push above the immediate resistance levels. But if it fails and a downside materializes, prices below $9,000 might rely on support at $8,700. Below that, the next important support comes at $8,300.
Bitcoin prices were last above $9,000 on February 26, having hit a new 2020 high that month.
Elsewhere, gold is up a marginal +0.4% while global stock markets continue to reel from the impact of the COVID-19. At the time of writing, the S&P 500 is -3.39%, the Dow Jones Industrial Average – 3.58%, FTSE 100 -2.03% and Nikkei 225 -2.72%.
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