RATE Group | Bitcoin Price Knocks Out Key Resistance Level as Bulls Target $9,500
87620
post-template-default,single,single-post,postid-87620,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Price Knocks Out Key Resistance Level as Bulls Target $9,500

07 May Bitcoin Price Knocks Out Key Resistance Level as Bulls Target $9,500

Posted at 00:29h in Bitcoin News by

After spending the last few days battling to hold prices above the $9,000 resistance, Bitcoin (BTC) price made a strong move by surging to $9,380 on Wednesday morning. The 3.65% move took place on a high volume surge but the price quickly pulled back to $9,126 before moving higher to $9,395 at the time of writing.

With just 4 days and 16 hours left before the Bitcoin halving, investors will be closely watching to see if the top ranked crypto-asset on CoinMarketCap can push above the $9,500 resistance to reach $10,000. 

Crypto market daily price chart. Source: Coin360

Bullish traders will look for Bitcoin to secure another close above $9,000 to lend support to the idea that the former resistance level has transformed to a support and the next step is to confirm that $9,200 also serves as support.

BTC USDT daily chart. Source: TradingView

While the move to $9,395 is a positive step forward, the price remains below the long term descending trendline resistance at $9,400. A break above the…

Source link

Tags:
, , , , , , , ,