RATE Group | This Single Level Above $9,000 Is Crucial to an Even Greater Bitcoin Rally
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This Single Level Above $9,000 Is Crucial to an Even Greater Bitcoin Rally

04 May This Single Level Above $9,000 Is Crucial to an Even Greater Bitcoin Rally

Posted at 00:09h in Bitcoin News by

Bitcoin has been on a stellar run over the past week, gaining 20%, according to data from Coin360.com. It’s a move that has brought the cryptocurrency above resistance level after resistance level, suggesting an uptrend is forming.

Since peaking at $9,500 though, the cryptocurrency has slipped, with BTC now trading at $8,800 as of the time of this article’s writing. It’s a retracement that isn’t all too convincing of the bull case, an analyst has suggested.

Related Reading: Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 Nears

Bitcoin Needs to Retake $9,090 On a Weekly Basis

According to a crypto swing trader, Bitcoin closing above $9,090 on a weekly basis will have him “full[y bullish] until further notice,” referencing how the level has been a key resistance and support level over the past year.

Bitcoin price key level

Chart from @cryptomeowmoew (Twitter)

BTC closing above $9,090, the chart suggests, would confirm a resistance-support flip of that level, giving the…

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