RATE Group | Technicals Suggest Bitcoin Needs To Clear $9,100 For Hopes of a Fresh Rally
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Technicals Suggest Bitcoin Needs To Clear $9,100 For Hopes of a Fresh Rally

12 May Technicals Suggest Bitcoin Needs To Clear $9,100 For Hopes of a Fresh Rally

Posted at 09:46h in Bitcoin News by

Bitcoin jumped above the $8,800 and $9,000 resistance levels against the US Dollar. However, BTC is facing a major hurdle at $9,100, above which it could rally sharply.

  • Bitcoin is currently consolidating in a broad range below the $9,000 and $9,100 levels.
  • The main support on the downside is forming near the $8,250 and $8,200 levels.
  • There is a key connecting bearish trend line forming with resistance near $9,040 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The bulls need to gain momentum above $9,000 and $9,100 for a sustained upward move.

Bitcoin Could Struggle Near $9,000 and $9,100

Yesterday, we discussed a possible push in bitcoin price towards the $9,000 resistance against the US Dollar. BTC price did surge above the $8,800 resistance and tested the $9,000 pivot zone.

There was a break above the 23.6% Fib retracement level of the key decline from the $10,080 swing high to $8,267 low. On the upside, the $9,000 zone acted as a strong resistance and prevented…

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