- Bitcoin saw a 4.5% price surge over the past 24 hours of trading as the cryptocurrency managed to reach as high as $9,600.
- With the Bitcoin Halving just over 4-days away, there is is a potential for BTC to hit $10,000 before the halving.
Bitcoin surged by 4.5% today as the cryptocurrency managed to break the prior resistance at $9,090 and exploded higher to break above $9,500 and reach $9,600. The cryptocurrency was really struggling at $9,090 over the past few days but it was only a matter of ‘when’ this resistance would be broken with the Bitcoin Block halving just 4-days away now.
With this break of critical resistance, we can expect the price of Bitcoin to reach at least as high as $10,000 in the next 4-days before the block halving event occurs. This BTC Block halving will see the mining subsidy be reduced from 12.5 BTC per block to just 6.25 BTC per block.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Analyzing the daily chart above, we can clearly see that BTC was struggling to close above the $9,090 level over the past few days of trading. The resistance here is provided by a bearish .786 Fibonacci Retracement level that is measured from the February high to the March low.
After breaking this resistance, we can see that BTC went on to travel higher as it broke past the $9,500 and reached resistance at $9,600 (1.272 Fibonacci Extension level).
Short term prediction: BULLISH
BTC remains bullish in the short term and would have to break beneath $8,000 to turn bearish again.
If the sellers do push lower, we can expect support at $9,500, $9,200, $9,100, and $9,000.
On the other side, if the bulls break $9,600, higher resistance lies at $9,753 (bearish .886 Fib Retracement), $9,953 (1.414 Fibonacci Extension -pink), and $10,000. Above this, higher resistance lies at $10,247 and $10,457.
Key Levels
Support: $9,500, $9,200, $9,100, $9,000, $8,950, $8,800.
Resistance: $9,600, $9,753, $9,953, $10,000, $10,247, $10,457..
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
