Claim BonusBitcoin (BTC) Price Analysis: BTC Penetrates $9,000 As It Takes Out Critical Resistance
- Bitcoin saw a 1.6% price surge today that allowed the coin to rise above $9,000 and reach $9,180.
- The cryptocurrency was struggling to close above resistance at $8,950 for the past 6-days of trading.
Bitcoin surged 1.6% today as the cryptocurrency managed to take out the previous resistance at $8,960. The cryptocurrency has failed to close above this resistance over the past 6-days of trading but finally took it out today. However, it is important to note that we must wait for a closing candle above $9,089 to confirm that it has indeed broken above this critical level of resistance.
This breakout was expected as in yesterday’s analysis I stated that it was a matter of ‘when’ and not ‘if’ BTC would break back above $9,000. The BTC Block Halving is just a short 5-days away now in which the incoming supply of BTC will be slashed in half as the block reward will be reduced by 50% 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 see that BTC managed to close above the $8,960 resistance level yesterday as it reached the $9,089 level provided by a bearish .786 Fibonacci Retracement level – measured from the February high to the March low.
We now must wait for a closing candle above here to confirm that the bulls are indeed ready to push higher again.
Short term prediction: BULLISH
BTC still remains bullish in the short term and would have to break beneath $8,000 to turn neutral. It would need to close beneath $7,600 before being considered as bearish.
If the buyers continue to push higher, the first level of resistance is located at $9,300. Above this, resistance lies at $9,600 (1.272 Fib Extension), $9,753 (bearish .886 Fib Retracement), and $9,952 (1.414 Fib Extension). This is followed by resistance at $10,000.
Toward the downside, the first level of support lies at $9,000. Beneath this, support is located at $8,950, $8,800, $8,500, and $8,141 (.236 Fib Retracement).
Key Levels
Support: $9,000, $8,950, $8,800, $8,500, $8,400, $8,300, $8,000.
Resistance: $9,090, $9165, $9,300, $9,500, $9,600, and $9,753.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Solana Mobile Launches SKR Token for Seeker Users, Here’s How to Claim Airdrop
- Ripple President Predicts $1T Crypto Inflow into Corporate Treasuries by 2026
- Dogecoin Gets Major Utility Boost With Upcoming ‘Such’ DOGE Payment App
- Grayscale Files S-1 for NEAR ETF, NEAR Protocol Price Rebounds
- CFTC Launches “Future-Proof” Initiative to Modernize Crypto and Prediction Market Rules
- Chainlink Price Prediction After 24/5 Stock Data Launch: What’s Next For LINK?
- XRP Price Eyes a 25% Rebound Ahead of Brad Garlinghouse Statements at Davos Summit
- Why Silver and Gold Prices Are Rising While Crypto Falls Under Tariff Pressure?
- Solana Price Prediction As NYSE Launched Stock Tokenization Platform
- Bitcoin Price Outlook Ahead of Trump’s Davos Speech as Trade War Tensions Ease
- Top 3 Price Prediction for Ethereum, XRP and Bitcoin If Crypto Structure Gets Approved This Month
