RATE Group | Bitcoin Price Breaks Through Key Resistance as Traders Target $9.2K
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Bitcoin Price Breaks Through Key Resistance as Traders Target $9.2K

28 Jan Bitcoin Price Breaks Through Key Resistance as Traders Target $9.2K

Posted at 03:58h in Bitcoin News by

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Bitcoin daily price chart. Source: Coin360

Bitcoin (BTC) bulls appear to have found a second wind which allowed them to push the price above $9,000 to daily high at $9,150.  As discussed in an earlier analysis, bulls had been fighting to hold the price above $8,800 throughout the day and multiple attempts at knocking out the $9K mark were held back by $8,963 and $8,985. 

BTC USD 6-hour chart. Source: TradingView

Traders will now look for Bitcoin to sustain above $9,118.85 in order to flip the $9,100 to $9,200 zone to support and set a daily higher high. Above $9,200 traders will now look to $9,500, $9,600, $9,963 and $10,538 as the next targets for Bitcoin price. 

Since Jan. 24 Bitcoin has rallied 11.31%, meaning an eventual pullback could see the price revisit $8,900 and $8,700. At the time of writing the moving average convergence divergence (MACD is on the verge of crossing above the signal line on the daily time frame and the histogram is on the verge of shifting from negative…

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