RATE Group | Bitcoin Price Holds Strong Above $9,200: A Strengthening Case for Upside
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Bitcoin Price Holds Strong Above $9,200: A Strengthening Case for Upside

17 May Bitcoin Price Holds Strong Above $9,200: A Strengthening Case for Upside

Posted at 05:53h in Bitcoin News by

Bitcoin is trading nicely above the $9,200 and $9,000 support levels against the US Dollar. BTC is rising and it could gain bullish momentum if there is a clear break above $9,550.

  • Bitcoin is trading in a positive zone above the $9,400 and $9,200 support levels.
  • An immediate hurdle is near the $9,550 zone, above which it could revisit $10,000.
  • There is a key bullish trend line forming with support near $9,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above $9,550 or start a major correction towards the $9,000 level.

Bitcoin Holding Uptrend Support

This past week, bitcoin extended its rise above the $9,800 resistance area against the US Dollar. BTC price traded close to the $10,000 resistance and settled well above the 100 simple moving average (4-hours).

However, the bulls failed to gain strength above $9,950 and $10,000. A swing high was formed near $9,950 and the price started a downside correction. It traded below the $9,800 and…

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